RPC advises on establishment of Lloyd's Special Purpose Syndicate
City law firm RPC has advised on the creation of a Lloyd's Special Purpose Syndicate (SPS) to be managed by Pembroke (the Lloyd's operation of Ironshore, the global speciality property and casualty insurance division of the Fosun Group).
The SPS will be capitalised by Patria Re, an international reinsurer headquartered in Mexico (and part of the Pena Verde insurance group), and will focus on Latin American risks.
As the first Mexican insurer to join the Lloyd's platform, Patria Re’s arrangement with Pembroke will aid the expansion of Lloyd’s into the Latin American market. Lloyd’s Representative Office in Mexico City was opened in October 2015.
The Patria Re SPS will commence business in the 2016 Year of Account under syndicate number 6125 with a stamp capacity of £15m gross written premium, underwriting a diverse portfolio of short tail exposures.
The RPC team was led by George Belcher, a Legal Director in RPC's Corporate Insurance and Financial Services team.
James Mee, Head of Corporate Insurance and Financial Services, comments: “We were delighted to advise long-standing client Pembroke on this strategic development. Our relationship with Pembroke goes all the way back to its inception, so we are pleased to assist the Pembroke team with their latest venture. As SPSs have become an increasingly important source of business within Lloyd's, advising on these structures has become a larger part of our business. We have a number of sizeable deals on the go at the moment."