BankerBusiness Directory: Banc Of America Insurance Group Announces New Syndicate With Lloyd's Of London - BankerBusiness Directory

Banc Of America Insurance Group Announces New Syndicate With Lloyd's Of London

CHARLOTTE, N.C. and LONDON, Jan. 29 /PRNewswire/ -- BA International Underwriters Ltd, a wholly-owned subsidiary of Banc of America Insurance Group, in conjunction with Lloyd's of London, has established the Pembrace Casualty Insurance Syndicate to expand Bank of America's ability to offer specialty liability, casualty and reinsurance services.

Pembrace will be capitalized by Banc of America Insurance Group with an initial stamp capacity of 33 million Pounds Sterling. Managed through Spectrum Syndicate Management, Pembrace is authorized to write specialty liability and other U.S.-based casualty insurance and reinsurance business to complement Banc of America Insurance Group's existing U.S.-based insurance operations. Banc of America Insurance Group and its affiliates have more than 50 years of insurance operations experience and currently underwrite commercial property casualty and life insurance coverages within the Bank of America enterprise.

"The launch of Pembrace pairs the financial strength of Bank of America with the marketplace presence of Lloyd's of London to expand and enhance our global insurance strategy," said Keith Pellerin, president of Banc of America Insurance Group. "Banc of America Insurance Group has a long history of expertise in underwriting and insurance operations in the United States. Pembrace will provide a highly scalable platform to enable future expansion in the insurance markets."

"The fact that such a leading financial institution has chosen to set up a syndicate at Lloyd's is further testament to the strength and attractiveness of the market. We look forward to working with Bank of America," said Rolf Tolle, Lloyd's Franchise Performance Director.

About Spectrum Syndicate Management

Spectrum Syndicate Management is a full service Lloyd's Managing Agent. Spectrum was originally authorized by the FSA in December 2001 and by Lloyd's in 2002. It has a full range of non investment insurance permissions enabling it to carry out all functions in relation to insurance underwriting, claims policy administration and broker servicing. Spectrum is independently owned by its management.

About Lloyd's of London

Lloyd's is the world's leading specialist insurance market and expects to have the capacity to write approximately 16bn Pounds of business in 2007. It occupies sixth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2007, 66 syndicates are underwriting insurance at Lloyd's, covering all classes of business from more than 200 countries and territories worldwide.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, through more than 17,000 ATMs and award-winning online banking with more than 21 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

SOURCE: Bank of America