The Awbury Group and Polo Managing Agency Ltd have announced that Lloyd’s has granted in-principle approval for Awbury Syndicate 2025 to commence underwriting from January 1.

Awbury Syndicate 2025 is focused on credit risks and will initially target new and existing European clients, comprised primarily of global banks and asset managers.

It will complement the activities of the Awbury Group, a specialty insurance and principal investments group.

The group focuses on unique and non-traditional financial risks, offering insurance and reinsurance protection from Awbury Insurance Ltd, a Bermudian-domiciled multi-line insurance company, and Awbury Insurance Company, a Delaware-domiciled multi-line insurance company.

The syndicate will be managed by Polo Managing Agency, the independent Lloyd’s managing agent and a PoloWorks company.

Awbury and Polo said they worked closely with a specialist team from PwC on this outcome.

Alex Dubitsky, chief executive of the Awbury Group, said: “We believe that our expertise and specialist knowledge in credit and financial risks, as well as our positive and decades long relationship with Lloyd’s through our various insurance businesses, makes for a uniquely attractive opportunity to work at Lloyd’s and utilise its innovative and universally respected and unique underwriting platform for the benefit of our clients and partners.

“I’m looking forward to working with Polo and PwC, as well as the entire team at Lloyd’s, to build our place in the Lloyd’s market.”