Binder business or delegated business wasn’t being done that effectively, and the market was probably a little bit behind the rest of the world. […] At the time, there was quite a passive manner in writing DA business generally within London. And there are certainly cases of people treating DA risk, like an open market policy and binding the binder and then leaving it for a year, then renewing it… We felt that as a founding team, that there were a number of core things you could do quite easily to improve the way that delegated business was being underwritten.
Introduction
Determined to write delegated business better, Ben Laidlaw joined Nick Tye and Jacqui Ferrier to found Carbon Underwriting.
Carbon Underwriting is a Lloyd’s Syndicate MGU that provides shareable underwriting conclusions on its Graphene administration system.
The company has matured since its conception in 2018, and Ben discusses navigating ‘Decile 10’ to gaining approval for Carbon’s second syndicate earlier this year, which will exclusively underwrite US business.
Key Talking Points
- The story behind the creation of Carbon Underwriting and growth in the Lloyd’s market
- The thinking behind the second syndicate
- US business – why enter a competitive market?
- Smart syndication
- Graphene – who built it and what’s so good about it?
- Plans for the rest of this year and 2025
- On being Private Equity owned and waxing lyrical
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This InsTech Podcast Episode is accredited by the Chartered Insurance Institute (CII). By listening, you can claim up to 0.5 hours towards your CPD scheme.
By the end of this podcast, you should be able to meet the following Learning Objectives:
- Specify what issues were in the delegated business market and what changes did Carbon Underwriting seek to solve
- Define what ‘Decile 10’ is and how it changed the Lloyd’s Market
- Summarise why smart syndication is a growing and exciting aspect of Lloyd’s
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