Max Cap Maximizes Lloyd's

On July 7, Max Capital Group Ltd. (MXGL - Analyst Report) announced that it had appointed two Senior International Casualty reinsurance underwriters at Lloyd’s Ltd, the Lloyd’s managing agent for Syndicates 1400, 2525 and 2526, to build up its Lloyd’s platform.

Graeme Scott has been appointed as Casualty Treaty Underwriting Manager for Lloyd’s Syndicate 1400. He has over 30 years of experience in casualty underwriting and has most recently served as the Senior International Casualty Treaty Underwriter for ACE Tempest Re in London. Previously, he was Underwriting Manager (Facultative Casualty) with Munich Re UK.

Mr. Scott will be supported by Mr. Stuart Hawes, who has been appointed Treaty Underwriter for Lloyd’s Syndicate 1400. Mr. Hawes has around 14 years of experience in insurance, including nine years in casualty reinsurance underwriting. His latest stint was with ACE Tempest Re, the reinsurance operating unit of the ACE Ltd. (ACE - Analyst Report).

Both Scott and Hawes are expected to move to Max at Lloyd's during the third quarter of 2009, following the fulfillment of their current employment commitments.

We view these appointments as positive for Max as it will strengthen the company’s underwriting capabilities at its Lloyd’s platform and will help in diversifying its operations. This will facilitate the company to better compete with peers such as ACE, Axis Capital Holdings (AXS - Analyst Report), Everest Re Ltd. (RE - Analyst Report), Montpelier (MRH - Analyst Report), PartnerRe Ltd. (PRE - Analyst Report), Renaissance Re (RNR - Analyst Report) and XL Capital Ltd. (XL - Analyst Report).

In November 2008, Max Capital completed the acquisition of Imagine Group which was subsequently renamed as Max UK. This was in-line with its long-term strategy of building its global operations. Max UK, through Lloyd’s Syndicates 1400, 2525 and 2526, underwrites a diverse portfolio of specialty risks including property catastrophe, financial institutions, personal accident, employers’ and public liability and professional liability business.

The acquisition has helped the company to diversify its risk profile further and provide its global clients with a wide range of products backed by both the financial strength of Max and the highly rated security common to all Lloyd’s syndicates.