Lloyd’s has given ‘in principle’ approval to Bermuda-based Catalina Group’s Syndicate 3232, which will be managed by Asta. It will underwrite reinsurance to close transactions within the Lloyd’s market and aims to start accepting business in the 2023 year of account.

Ian Parker, CEO of Catalina Group, said: “By combining Asta’s proven third-party syndicate-management acumen with our 17 years of expertise in the retrospective reinsurance space and the backing of our highly-regarded shareholders, Catalina Syndicate 3232 will immediately bring a strong and credible new player to support the larger deals in Lloyd’s.”

Lorraine Harfitt, CEO of Asta, added: “Catalina is a market leader in the legacy sector, and its expertise and robust capital resources are a welcome addition to Lloyd’s. We continue to see the desire among the managing agency community to find solutions for back-year portfolios, allowing syndicates to focus on their core business of underwriting new risk, whilst leaving run-off to the specialists.”

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