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

BA InternationalUnderwriters 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 ofAmerica 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 setup a syndicate at Lloyd's is further testament to the strength and attractiveness of the market. We look forward to working with Bank ofAmerica," said Rolf Tolle, Lloyd's Franchise Performance Director.

Source: Bank of America (www.bankofamerica.com)

From: PR Newswire (www.prnewswire.com)