Syndicates within Lloyd's of London have committed to providing up to £40m of risk capital per policy to support Alpha TR, a new managing general agent (MGA) in the City. Alpha TR, which launched on Monday, will specialise in offering international transactional risk insurance to the private capital and alternative asset fund sectors.
The new MGA is backed by insurance companies AXA XL and Aviva. Alpha TR's management team will be led by managing director Richard Taylor-Whiteway, with Dave Luckett and Laurence Tarr joining as directors. The firm anticipates most of its premium forecast will originate from outside the UK.
Alpha TR will provide M&A insurance for secondary fund buyout transactions, tax insurance covering international private capital funds, and contingent insurance. Lloyd's has observed an increase in MGAs utilising its syndicates for specialised lines of cover.