Mitsui Sumitomo Insurance (MSI) has launched its own Lloyd's managing agency, becoming the first Japanese insurer to establish a managing agency at One Lime Street and the first 'turnkey' operation to have launched independently.

The syndicate will have an underwriting capacity of £340 million, placing it in the top third of Lloyd's syndicates for the year.

MSI was previously in partnership with Lloyd's managing agent Chaucer, but has now established its own underwriting operations, service platform and management structure, and has said it is “ready to take over the management of Syndicate 3210 from Chaucer under its own managing agency”.