Carbon Underwriting, the specialist managing general underwriter (MGU) and Lloyd’s syndicate-in-a-box (SIAB), has received ‘in principle’ approval from Lloyd’s to become a full Lloyd’s syndicate with effect from 1st January 2023.

Carbon Syndicate 4747, which operates as an underwriting and market lead with a focus on coverholder partnerships in the global property and casualty sector, began underwriting as a SIAB on 1st July 2020, with the support of third-party managing agent Asta.

Carbon claimed that the transition to full syndicate will allow it to continue to pursue high quality, global Coverholder business supported by additional classes and the evolution is expected to bring a gross written premium of £135 million for 2023, subject to Lloyd’s agreement.

Nick Tye, Carbon CEO, said: “We are thrilled to become the first Lloyd’s syndicate-in-a-box to transition to full syndicate status. During the last two and a half years, we have attracted new A-rated capacity providers, and have expanded our highly talented team of underwriters, data analytic engineers, pricing analysts and claims managers.”

“This next step is a milestone in our development and has been achieved with tremendous thanks to the Carbon team for their hard work – we look forward to a bright future of continued sustainable growth.”

Lorraine Harfitt, Asta CEO, added: “The Lloyd’s syndicate-in-a-box initiative has provided a faster, more capital-efficient entry to Lloyd’s for Carbon’s entrepreneurial team and served as a successful launch pad that has seen Carbon build out a leading coverholder panel across several territories including Europe, Australia and North America.”