NU Online News Service, Nov. 3, 3:24 p.m. EDT

Lloyd's Market Franchise Board gave its "in principle" approvalfor the creation of Syndicate 2015, SCOR announced.

Final arrangements and approval could lead to the commencementof underwriting as early as Jan. 1, 2011 on a risk inceptionbasis.

SCOR said it will be the sole capital provider of Syndicate2015, the initial stamp capacity of which is ?75 million ($120.5million at current exchange rate).

The envisaged portfolio has a strong focus on shorter tail linescoming from markets outside the U.S. and excludes reinsurancetreaty business, SCOR said.

Whittington Capital Management Ltd, part of Whittington Group,will be the managing agent of Syndicate 2015.

SCOR said its support of Syndicate 2015 reflects the company'sintention to further develop an insurance platform.

Victor Peignet, SCOR's chief executive officer, Global P&C,said in a statement, "We are very pleased to support this newsyndicate 2015 on the Lloyd's Market managed by Whittington CapitalManagement Ltd. It constitutes a complementary route for SCOR bywhich to optimize the group's access to business that is notcurrently being underwritten. Lloyd's has certainly proven to be avery efficient platform from which to underwrite business,benefiting from its reputation and global reach."

Whittington, headquartered in Singapore, said the next step isto work with Lloyd's to finalize the arrangements and to securefinal approval to begin underwriting effective Jan. 1, 2011.