HDI Global UK and Ireland is set to establish a new syndicate having received approval in principle approval for the venture from Lloyd’s. The carrier says the move will widen its distribution and give clients and brokers better access to its underwriting capabilities.

HDI hopes to secure the remaining regulatory and operational permissions required in the coming months. The carrier will launch the new syndicate in partnership with insurance services provider PoloWorks.

Simon Hunt, chief executive officer, HDI Global UK and Ireland, said: “Receiving approval in principle from Lloyd’s is an important milestone for HDI Global UK and Ireland and reflects the strength of our strategy, underwriting expertise and long-term commitment to the market.

“Lloyd’s is one of the world’s most respected insurance platforms and an important market for HDI. Establishing a syndicate will enable us to offer greater choice to clients and brokers, broaden our market reach and create additional opportunities for sustainable growth.”

Paul Andrews, chief executive officer of PoloWorks and Polo Managing Agency, added: “Through Polo Managing Agency, we have worked closely with the HDI team to establish the foundations for a successful Lloyd's platform. HDI brings strong underwriting expertise and clear ambitions for the market, and we look forward to continuing our partnership as the syndicate progresses towards launch.”