Greenlight Capital Re has secured conditional approval from Lloyd’s for its Innovation Syndicate 3456 to graduate to full syndicate status, with the transition due to take effect on 1 January 2027.
The Grand Cayman-based reinsurer said Syndicate 3456, which currently operates under Lloyd’s Syndicate-in-a-Box framework with managing agent Asta, received the approval “in principle” from Lloyd’s.
The syndicate was established in April 2022 with a mandate focused on coverholder partnerships and insurtech clients.
Since its inception, Syndicate 3456 has posted an underwriting profit in each of its four years of operation, building what Greenlight Re described as a differentiated book of innovations business.
The Lloyd’s platform has allowed the syndicate to offer insurtech companies within Greenlight Re’s client portfolio access to Lloyd’s international licensing and rating infrastructure.
The upgrade to full syndicate status will broaden the scope of business Syndicate 3456 can write, according to a press release on 30 July.
Alongside its core innovations focus, the syndicate plans to take on more conventional delegated underwriting authority and consortia business, as well as a limited volume of treaty reinsurance.
Greenlight Re said it expects the transition to drive higher gross written premium within the syndicate.
Greg Richardson, chief executive officer at Greenlight Capital Re, said: “Syndicate 3456 has been a key part of our Innovations strategy over the last four years.
“We are excited to transition to full syndicate status for 2027 and to have the opportunity to expand our offering to clients and brokers beyond our Innovations business.
“While Innovations business will remain the primary focus of Syndicate 3456, our Lloyd’s plan will expand to write some more traditional delegated underwriting authority and consortia business, as well as a limited amount of treaty reinsurance.
“Lloyd’s is a key part of our overall strategy and the transition to full syndicate status cements our strong position in the Lloyd’s market.”
The development is significant for Greenlight Re’s Cayman operations.
The company’s primary underwriting entity, Greenlight Reinsurance, Ltd is domiciled and regulated in the Cayman Islands, and the Lloyd’s syndicate forms one leg of a three-platform structure alongside Cayman and Ireland.
A more capable Lloyd’s presence increases Greenlight Re’s ability to distribute risk internationally, which in turn supports the financial stability and premium volume of the Grand Cayman-based parent.
AM Best upgraded the financial strength rating of Greenlight Reinsurance, Ltd to A (Excellent) in November 2025, a step that reflected, in part, the improving performance of the broader group of which Syndicate 3456 is a component.
Asta, the third-party managing agent that has supported the syndicate since its launch, welcomed the outcome.
Lorraine Harfitt, chief executive officer at Asta, said: “We are delighted that Greenlight Innovation Syndicate 3456 has received approval from Lloyd’s to become a full syndicate.
“Since launching as a Syndicate-in-a-Box in 2022, they have built a strong underwriting platform in Lloyd’s which has excelled in developing a portfolio of Innovations business.
“The transition to a full syndicate is a fantastic milestone and is testament to the strength of the Greenlight Re Innovations strategy and team.”
Asta will continue in its managing agent role as the syndicate moves into its next phase.
