Beazley’s Smart Tracker to Transition into a Full Market-Facing Syndicate

Lloyd's has given Beazley 'in principle' approval to convert its Smart Tracker Special Purpose Arrangement (SPA) 5623 to a full syndicate on January 1, 2023, subject to Lloyd's agreement of the Syndicate business plan and final approval. Syndicate 5623 will exclusively underwrite business accepted by Beazley's Smart Tracker beginning in January.

Source: Beazley | Published on August 17, 2022

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The Smart Tracker was introduced in 2018 and has proven to be profitable for all closed years of accounts to date. It uses an efficient, low-cost 'follow' model to participate in London market broker facilities, line slips, and consortia business. This company is currently accepted into Beazley Syndicate 3623 and reinsured to SPA 5623, which is backed by third-party capital. All business will be written directly into Syndicate 5623 beginning in January 2023, and the Smart Tracker's underwriting appetite will remain unchanged.

Will Roscoe, the Smart Tracker's manager since 2019, has been named Active Underwriter of Syndicate 5623.

"The Beazley Smart Tracker's innovative 'follow' model is designed with operational efficiency and rigorous underwriting at its core, reducing traditional duplication of costs and improving efficiency for brokers and clients," said Adrian Cox, CEO of Beazley.

"Its success demonstrates broker, client, and third-party investor support for this new underwriting approach, which I'm delighted to see reflected in Lloyd's support for our plan to transition the Smart Tracker from an SPA to a full syndicate beginning next year."