GIC Re 1947 novates syndicate managing agency to Asta
By Michael Jones
July 1 - (The Insurer) - Lloyd's has approved the novation of GIC Re's syndicate managing agency to Asta with effect from July 1, 2025, the Davies-owned company said on Tuesday.
The agreement relates to the open and prior years of GIC Syndicate 1947. The syndicate was previously managed by Hamilton Managing Agency.
Asta will provide a full range of oversight and operational support services. It now manages 16 syndicates, seven SIABs and one SPA.
GIC Re, through its Lloyd's corporate member, provides 100% of the capital to support the business underwritten at Syndicate 1947.
In the 2024 financial year, GIC Re 1947 underwrote 130.52 million pounds in gross written premium. This included 76.96 million pounds in London Market property and 43.43 million pounds in specialty.
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