ICAT Holdings announced the creation of a new underwriting syndicate at Lloyd's of London late last week, explaining that the syndicate will have $200 million of gross capacity for U.S. catastrophe-exposed properties.
The new ICM Syndicate 4242 will commence underwriting business on Jan. 1, 2007, Boulder, Colo.-based ICAT said.
According to ICAT, its long-term strategy has been to evolve its business from the underwriting manager model to that of a full risk-bearing insurer. In 2005, the company took its first step toward the achievement of this strategy by establishing ICAT Specialty Insurance Company to underwrite wind-hail only policies for small commercial accounts in Florida and named hurricane coverage for residential properties in Hawaii.
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