Aspen’s Lloyd’s Syndicate 4711: Pathway for Success in the London Market

10th August 2023
Lloyd's of London

Created by Active Underwriter of Syndicate 4711, Sarah Stanford.

Aspen’s Lloyd’s Syndicate 4711’s strategic approach is very much aligned with the group’s vision of becoming a top quartile (re)insurer and delivering value to stakeholders and investors. Our goal is to establish ourselves as the preferred platform for traditional, London market broker business.

To be the platform of choice for London market business, we recognise the importance of a robust governance and control framework. However, we have been cautious not to make it too restrictive, allowing our teams to remain agile and nimble when market conditions favour us. Working closely with underwriting teams and segment and group leaders around our strategic focus areas for growth, maintenance, and optimisation has enabled us to maintain underwriting profitability and create value for our stakeholders.

Enhancing Leadership and Expertise

As part of our commitment to success in the Lloyd’s market, we made significant changes to our management structure. Over the past few years’, we’ve appointed a new UK CEO, CRO, CA and CFO, all with substantial experience in the Lloyd’s and London market. This has proven instrumental in driving strategic alignment and understanding. Building a team with specialised knowledge and experience within the Lloyd’s market, while fostering a close connection with the group’s broader vision, ensures seamless alignment and optimal decision-making.

Adapting to Changing Market Conditions

In an ever-evolving macroeconomic environment, Syndicate 4711 has been proactive in adjusting its underwriting guidelines. We undergo an annual review, striking a balance between maintaining governance and control while remaining flexible enough to maximise profitability in favourable conditions. On the flip side, when market conditions suggest uncertainty in certain specialist business areas, our ability to pivot capital efficiently and quickly to areas with better opportunities ensures our continued success.

Ambitions for Syndicate 4711

Our ambitions for the next 12 months are focused on maintaining profitability while capitalising on opportunities in areas with favourable market conditions. We are committed to challenging ourselves across the 17 syndicate classes of business, seeking growth where possible, but not for the sake of growth alone. Emphasising profitability over Gross Written Premium (GWP), we aim to secure sustainable success while carefully managing risks.

Adapting to a Hybrid Way of Working

With Lloyd’s pushing for face-to-face trading four days a week, we have successfully adapted to this new hybrid model. Securing ground floor spaces at Lloyd’s, will facilitate more face-to-face interactions with brokers and clients. This enables us to strengthen relationships, communicate our appetite for risk, and conduct business more effectively.

Promoting Gender Diversity

We at Aspen understand the importance of promoting gender diversity within our leadership positions. We are committed to providing opportunities for talented individuals, irrespective of gender, and strive to support and encourage them to progress and develop their careers. By challenging traditional perceptions and biases, we aim to create an inclusive and diverse work environment that fosters growth and success.

Future Opportunities and Digitalization

Lloyd’s ambitious strategy to embrace digitalization aligns with our vision for the future. The increasing perception of risks like banking failures and climate change will drive growth in ESG-related insurance, cyber is also seeing extensive growth within Lloyd’s. As responsible underwriters, we intend to offer innovative products and support our clients in managing risks effectively, focusing on our long-term relationships and continuing to analyze market conditions.

I am proud of our thoughtful and forward-looking approach to success in the London market. By aligning with the group’s overall vision, adapting to market conditions, embracing diversity, and exploring new avenues for growth, we position ourselves as a top quartile (re)insurer, delivering value to stakeholders, investors, and clients alike. With our continued focus on innovation and adaptability, Syndicate 4711 is poised to thrive in the ever-changing insurance landscape.