Spectrum was originally established to manage the 15 open years of the former Crowe syndicates in run-off. The Crowe run-offs have been some of the most problematic in the market and they have been successfully managed to a standstill. This involved over 300 staff, six locations and $1500m of gross liabilities as well as multiple systems issues. 3 syndicates and 6 of the open years have now been closed, one by way of a part VII transfer, the first ever such transfer at Lloyd’s. The remaining 3 managed syndicates in run-off are:
- Syndicate 53
- Syndicate 1121
- Syndicate 1204
Key contacts for run-off are:
Richard Murphy - Chief Executive Officer
Peter Mitchell - Head of Run-0ff
Peter Slack - Claims Manager, Syndicate 1121
Graham Varndell - Claims Manager, Syndicate 53
Richard has been involved in the London Insurance Market for over 18 years. He is one of the founding shareholders of Spectrum Syndicate Management and was appointed Chief Executive Officer at its formation in April 2002. Spectrum group has built £6.7m net assets over that period. Richard is also Chief Executive Officer of Aviation& General Insurance company (AGIC). As well as running a major Lloyd's run-off, for which Richard is the Lloyd's appointed run-off manager, Spectrum has successfully executed a solvent scheme of arrangement for AGIC as an investor and manager as well as piloting the first part VII transfer at Lloyds. Richard is a regular contributor to the insurance press and speaks at conferences on London Market issues.
Prior to Spectrum and its predecessor company Richard worked at Lloyd's for 12 years. During his time with Lloyd's Richard held a number of positions including responsibility for the majority of regulatory operations as a General Manager, and in the early part of his career as Executive Assistant to Lloyd's Director of Finance. Prior to Lloyd's, Richard spent 4 years with the Audit Commission and, after University, 5 years in the Home Civil Service.
Prior to Spectrum and its predecessor company Richard worked at Lloyd's for 12 years. During his time with Lloyd's Richard held a number of positions including responsibility for the majority of regulatory operations as a General Manager, and in the early part of his career as Executive Assistant to Lloyd's Director of Finance. Prior to Lloyd's, Richard spent 4 years with the Audit Commission and, after University, 5 years in the Home Civil Service.
Peter joined the organisation in July 2000 having started his career in the Lloyd's market in 1964. Peter has held various positions within Brokers and Underwriters in the Lloyd's market.
Most recently he was the Reinsurance Manager for one of the Angerstein Syndicates.
Peter has also worked as a consultant to various companies in the London Market advising them on their Reinsurances both in relation to purchase and recoveries.
Most recently he was the Reinsurance Manager for one of the Angerstein Syndicates.
Peter has also worked as a consultant to various companies in the London Market advising them on their Reinsurances both in relation to purchase and recoveries.
Peter joined in September 2004 to manage the Marine and Aviation claims for Syndicates 53 and 1121.
He started his career in 1973 working in the Marine Dept of Bain Dawes Insurance Brokers. In 1980, he joined Mark Loveday Underwriting Agency and worked on the Lloyd's Box for Marine Syndicate 573, during which time, he concentrated on claims handling.
In 1990, he took up the position of Deputy Claims Manager for Marine Syndicate 2 and maintained these responsibilities following the acquisition of Kingsmead Underwriting Agency by Advent Underwriting Limited in 2001.
He started his career in 1973 working in the Marine Dept of Bain Dawes Insurance Brokers. In 1980, he joined Mark Loveday Underwriting Agency and worked on the Lloyd's Box for Marine Syndicate 573, during which time, he concentrated on claims handling.
In 1990, he took up the position of Deputy Claims Manager for Marine Syndicate 2 and maintained these responsibilities following the acquisition of Kingsmead Underwriting Agency by Advent Underwriting Limited in 2001.
Graham joined the company in January 2001. He started his career by joining Glanvill Enthoven as a broker in 1976 before progressing to a position with a Lloyd's syndicate in 1977. He moved to Charles Howard Underwriting in 1984 and was appointed Non-Marine Deputy Underwriter in 1987. The syndicate merged with Brockbank Syndicate Management in 1990.
In 1995 he joined Hampden Syndicate Management and was appointed Assistant Director in 1998. He oversaw many syndicates on behalf of Equitas as well as 2 orphan syndicates. Graham was appointed Claims Account Executive for the Community Reinsurance Company in 2000.
He currently oversees the Personal Accident business for 2 run-off syndicates as a Lloyd's leader. This is for both reinsurance, and direct business that is predominantly US Workers Compensation. He is pursuing finality for the syndicates by way of inspections, arbitrations and commutations with the various cedants.
He conducts a broker function role in US Workers Compensation business by dealing principal to principal in respect of claims matters, and also, outward reinsurance. He has participated in various Reinsurance and Claims investigations into Lloyd's syndicates, London & US Companies.
In 1995 he joined Hampden Syndicate Management and was appointed Assistant Director in 1998. He oversaw many syndicates on behalf of Equitas as well as 2 orphan syndicates. Graham was appointed Claims Account Executive for the Community Reinsurance Company in 2000.
He currently oversees the Personal Accident business for 2 run-off syndicates as a Lloyd's leader. This is for both reinsurance, and direct business that is predominantly US Workers Compensation. He is pursuing finality for the syndicates by way of inspections, arbitrations and commutations with the various cedants.
He conducts a broker function role in US Workers Compensation business by dealing principal to principal in respect of claims matters, and also, outward reinsurance. He has participated in various Reinsurance and Claims investigations into Lloyd's syndicates, London & US Companies.
Active underwriting
Run-off
Spectrum Syndicate Management
2nd Floor
6 Bevis Marks
London EC3A 7HL
T: 020 7283 2646
F: 020 7621 0975
newbusiness@spectrumins.com