Starr Managing Agents Ltd. (SMAL), part of C.V. Starr & Co, Inc. yesterday announced a partnership with First Reserve Corporation, the largest private equity firm specialising in the energy industry, to form Lloyd's Syndicate 2243.

The new syndicate will be part of Sideris Re, a new platform that extends First Reserve's presence in the insurance segment of the energy value chain. The new syndicate will begin its first full year of trading this year with a capacity of £30 million ($58.7 million) and will be a companion syndicate to the existing CVS 1919, which began trading in 2006.

Sideris Re is a five-year partnership between First Reserve and C.V. Starr. It is comprised of a Bermuda reinsurance company, which will participate in the insurance offered to US-domiciled clients, and the Lloyd's syndicate, which will participate in the insurance offered to international clients.

The syndicate's business plan is to underwrite 100 percent energy and other complex technical property risks.

The active underwriter is David Stewart, who currently works for C.V. Starr subsidiary Starr Underwriting Agents Limited (SUAL) in London, as the chief underwriting officer of SUAL's Starr Technical Risks division. Syndicate 2243 began trading on November 1, 2007 with an initial capacity of £10 million.