Goldman Sachs’ Arrow Syndicate Enters Lloyd’s Insurance Market
Goldman Sachs Group Inc., the world's largest securities firm by market value, has set up a syndicate to write insurance and reinsurance in the Lloyd's of London insurance market.
The company, which owns Bermudian reinsurers Arrow Reinsurance Co. Ltd. and Arrow Capital Reinsurance Co. Ltd., is to launch syndicate 1910 to write property catastrophe reinsurance. A spokesman for the company said that the company will explore other lines of insurance and reinsurance.
The spokesman also said that the move will not affect the business of Arrow Re and that the company will continue to offer fully collateralized reinsurance limits to clients out of Bermuda.
Tom Milligan, who is a vice president at Goldman Sachs and head of the company’s specialist reinsurer Arrow Capital Reinsurance Co. Ltd., will be active underwriter for the syndicate. The syndicate will be managed by Whittington Capital Management Ltd. under an outsourcing agreement.
Published on November 5, 2007
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