Exclusive: Carbon delays new syndicate launch

By Edward Carron

Feb 13 - (The Insurer) - Delegated underwriting authority specialist Carbon Underwriting has postponed the launch of its Lloyd’s Syndicate 5757, originally set for 1 January 2025, a representative confirmed.

The decision to push back the syndicate launch was made in the latter part of last year but was not announced publicly at the time. It is not currently known when the syndicate is expected to begin underwriting.

Confirming the delay, a spokesperson for Carbon said it had made the decision to push back the launch while it sought an active underwriter to take the helm of Syndicate 5757.

The new syndicate will launch once the new active underwriter, who has been identified, is in place, the spokesperson said. The company declined to comment on whether an active underwriter was previously in place.

“In the latter part of last year, we made the strategic decision to delay the launch of Syndicate 5757, a move that was transparently communicated to all our partners,” the spokesperson said.

“The US syndicate remains a top priority for Carbon, and we are fully committed to its successful launch once our active underwriter joins the team.”

Carbon first received in-principle approval from Lloyd’s in July last year to launch its Asta-managed Syndicate 5757.

As previously reported, Syndicate 5757 is being launched to further expand Carbon’s geographic footprint as part of the London MGU and Lloyd’s syndicate’s aim to become a global leader in delegated authority business.

The syndicate was originally expected to write £119mn in gross written premium over 2025 and was intending to focus solely on US program business.

Carbon's other Lloyd’s entity, Syndicate 4747, was launched as a syndicate-in-a-box in 2020 and became the first of its kind to transition to a full syndicate on 1 January 2023.

The syndicates were set to have a combined stamp capacity of £280mn, with £190mn for Syndicate 4747 and £90mn for Syndicate 5757, which would have positioned Carbon as one of the fastest-growing Lloyd’s businesses in 2025.

Rob Crocker is active underwriter for Syndicate 4747 and will continue in this role.