New Carbon Syndicate 5757 targets £119mn GWP in 2025

Loss-making Carbon Syndicate 4747 will continue its build-out next year with forecast GWP of ~£250mn+ ($327mn) alongside the launch of its new US-focused Syndicate 5757, which has a first-year GWP target of £119mn.

The Asta-managed delegated underwriting authority specialist has also announced the appointment of Julie Gallagher as head of syndicate management to oversee an improved performance for Syndicate 4747 and newly-approved Syndicate 5757.

Gallagher joins Carbon following 11 years at Asta Capital, latterly serving as head of client management.

Asta is the third-party managing agent of both Syndicate 4747 – which launched in 2020 and became the first SIAB to transition into a full syndicate at 1 January 2023 – and Syndicate 5757, which received Lloyd’s in-principle approval in July to begin underwriting 1 January 2025.

In her new role, Gallagher will assume responsibility for oversight of the management and performance of Carbon’s syndicates.

Commenting on the appointment, Carbon founder and CEO Nick Tye said: “We are really delighted to welcome Julie Gallagher to our growing team. Her extensive expertise in syndicate management will be invaluable as we continue to expand our footprint in the international specialty market.

“We are confident that with Julie on board, we will continue to drive innovation and deliver exceptional underwriting results.”

Gallagher added: “I am excited to join Carbon at such a pivotal moment in its development. Syndicate management and fostering strong syndicate relationships are critical to driving sustainable growth and ensuring long-term success.

“I am eager to contribute to this dynamic environment and help shape the future of Carbon’s syndicates, especially as we embark on the journey with Syndicate 5757.”

Syndicate 5757 will be focused solely on US program business as part of Carbon’s ambition to further expand its territorial footprint in delegated authority business. It is a technology-first proposition built around Carbon’s proprietary ecosystem, Graphene.

Carbon’s US property appetite is focused on “vanilla SME business”, such as professional services, residential property, real estate management, and commercial property owners’ risks.

It is designed to mirror the underwriting approach and practices of Syndicate 4747, with a target to write £119mn in GWP over 2025.

Syndicate 4747 posted combined ratios of 116.8 percent for the 2023 underwriting year and 130 percent for the 2022 underwriting year.