Everest to launch own Lloyd’s managing agency for Syndicate 2786

Everest is forming its own managing agency to assume oversight of Syndicate 2786, nine years after the platform was set up under third-party managing agent Asta, The Insurer can reveal.

Syndicate 2786 was formed in 2015 to facilitate the further expansion of Everest’s international insurance operations.

The Lloyd’s platform is 100 percent backed by capital from the Everest Group. It predominantly underwrites third-party liability insurance, primarily in the UK, with other lines of business including property, energy, casualty, financial lines, and accident and health.

Its most recent annual report and accounts as of 31 December 2023 show that Syndicate 2786 posted a profit of £17.6mn last year, up from £5.2mn in 2022.

The combined ratio of 95.8 percent was a 2.9 percentage point improvement from the prior year.

GWP increased by 30.9 percent year on year to £250.9mn, with third-party liability accounting for £130.9mn and reinsurance £32.6mn.

For the 2023 year of account, Syndicate 2786 is forecasting a return of 5.3 percent on its £320mn capacity. The 2024 underwriting year has a capacity of £340mn.

Everest’s active underwriter Rob Crocker departed in April to join Asta-managed Carbon Syndicate 4747. According to LinkedIn, he was succeeded by Paul Dreblow, who previously served as head of property, UK and EGM.

Earlier this week, The Insurer revealed Everest’s head of global specialties Phil Taylor was leaving and had been linked with Tokio Marine Kiln, which subsequently confirmed the move.

Everest and Asta declined to comment.