Ironshore to manage new Lloyd’s syndicate
Ironshore’s Pembroke Managing Agency (Pembroke) has received approval from Lloyd’s to manage a new syndicate for the 2014 Year of Account. The new syndicate, named Acappella Syndicate 2014, is targeting £60.5 million of premium in its first year and has a £75 million stamp capacity.
David Bruce, formerly of Hiscox, will be the active underwriter, to be assisted by Toby Stubbs, who will oversee the property reinsurance division. Jim Quinn will also join the syndicate in December 2013 as head of the new casualty reinsurance team.
Syndicate 2014 will be a conversion of Special Purpose Syndicate (SPS) 6110, whose business has been solely sourced through quota share reinsurance of certain classes of business underwritten by Pembroke Syndicate 4000. The SPS was established in 2012 with a stamp capacity of £25 million, backed entirely by Names’ capital and advised by Hampden Agencies. SPS 6110 stamp capacity was subsequently increased to £45 million for the 2013 underwriting year. Lines of business underwritten include property treaty, personal accident and contingency, as well as several short tail lines. SPS 6110 is the first of its kind to convert into a stand-alone syndicate, and Syndicate 2014 will continue to be well supported by Lloyd’s Names and also TransRe’s corporate name “TRe IMCO”.
“The new syndicate demonstrates Ironshore’s ongoing commitment in building Pembroke’s third-party business,” said Justin Wash, managing director of Pembroke. “Private investors bring a diverse dimension to the Lloyd’s market, which provides a foundation for enabling Pembroke to broaden its distribution platform for competitive industry advantage.”
Mark Johnson, formerly of Talbot, will be appointed to the Pembroke board of directors, subject to PRA approval and will be responsible for Syndicate 2014 and other third-party capital, including the development of other third-party business for the Agency.
