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London: 1st July, 2021 – Carbon Underwriting Limited (Carbon), the specialist, independent managing general underwriter (MGU), announces today that after seeing successful growth across its business – Carbon Underwriting; Carbon Syndicate in a Box (SIAB) 4747; and data-driven underwriting tool Graphene – it is positioning itself for further success with a natural progression in its leadership team.
Nick Tye, currently Active Underwriter Syndicate 4747 and Director Carbon Underwriting, is also promoted to CEO of Carbon, while current CEO Stephen Card progresses to the post of Chairman, maintaining a leadership and mentoring role for the growing team. Both transitions are effective from 1st July.
Carbon Syndicate 4747 began underwriting as a SIAB on 1st July 2020, and has grown from strength to strength. The business is on track to achieve its third year estimated increase in stamp capacity to £62.5mn, in line with the Lloyd’s SIAB business plan framework, and continues to build out its Coverholder panel across a number of territories, including Europe, Australia and North America.
At the same time, Carbon Underwriting MGU has onboarded new S&P A rated capacity providers as well as bolstering its team of talented underwriters, top data analytic engineers, pricing analysts and claims managers. Carbon’s team has grown from four members of staff over the first 12 months to now 16 employees, with further new hires planned for the future.
The last year has also seen Carbon’s Coverholder partners, capacity partners and reinsurers adopt the Graphene platform, which is now internationally recognised as a leading data-driven underwriting tool providing unparalleled access to key delegated authority underwriting analysis and Coverholder performance data.
Stephen Card, Chairman of Carbon
“It has been an extensive team effort to accomplish such impact and success so far, and I would like to say a huge thank you to the team for their inspiring dedication and motivation. This successful year as a Lloyd’s SIAB is a milestone we’re delighted to be celebrating. It is very positive and gratifying to see the next generation of leaders pick up the challenge, and I’m delighted that Nick Tye is taking the reins as CEO.
I’m looking forward to continuing to work closely with Nick, Jacqui, Chief Underwriting Officer, Ben, Chief Technology Officer and the entire Carbon team as we embark on the next stage in our growth journey and progress the important and valuable work of transforming the international Coverholder market.”
Nick Tye, CEO of Carbon:
“We have achieved an incredible amount over the last three years, both as a team and with Stephen’s support, and we are now in a position to really capitalise on the opportunities the current market presents.
We are on target to become the syndicate of choice for Coverholder business globally which would be an incredibly rewarding achievement for Carbon. One of our core fundamentals is building strong partnerships and maintaining those relationships – with our team, Coverholder partners, capacity partners, reinsurers and FAL providers – all of which have been vital for getting us to where we are today.”
Looking to the future we will continue to build out our international Coverholder panel at Syndicate 4747. We will onboard new capacity providers for Carbon Underwriting whilst expanding the reach of Graphene into the delegated authority market and transform the analytics insights available for quality underwriting.
I would like to thank Stephen for his leadership support and wise counsel as we have grown the Carbon business. We look forward to continuing to benefit from his valuable insights and extensive market experience as we steer the business forward and transform the landscape of how delegated authority business is conducted.”
NOTES TO EDITORS:
Carbon Underwriting is a class agnostic MGU driving transformation in the international Coverholder market. It operates as an Underwriting and Data Lead with a keen focus on Coverholder partnership. Carbon is supported by its proprietary technology platform ‘Graphene’ which presents Underwriters and Coverholders with superior data that motivates profitable and informed underwriting decisions. The MGU acts as an incubator, enhancer and springboard for MGAs to encourage accretive and profitable growth, and does so at a market leading expense base.
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Carbon Underwriting is a trading name of Carbon Underwriting Limited which is an appointed representative of Davies MGA Services Ltd, a company authorised and regulated by the Financial Conduct Authority under firm reference number 597301 to carry on insurance distribution activities. Carbon Underwriting Limited is registered in England and Wales company number 11193856. Registered office at 7th Floor, 1 Minster Court, Mincing Lane, London, EC3R 7AA.
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