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 rates).

The anticipated portfolio will have a strong focus onshorter-tail lines coming from markets outside the United Statesand will exclude reinsurance treaty 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 that the syndicate provides “a complementaryroute for SCOR by which to optimize the group's access to businessthat is not currently being underwritten.”

“Lloyd's has certainly proven to be a very efficient platformfrom which to underwrite business, benefiting from its reputationand global reach,” he said.

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.