Ark Syndicate Management opened for business as Lloyd’s newest managing agency. Ark will assume the management of Syndicate 4020 with a 2007 capacity of £114 million ($222 million).
The new Syndicate “will underwrite a composite account to include casualty reinsurance, hull and cargo, marine aviation and transit reinsurance, energy, war and property direct and facultative, property reinsurance and marine and energy liability” said Lloyd’s.
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Former Head of Insurance at Aspen Insurance Holdings Ian Beaton serves as the Company’s CEO. David Foreman, who has more than 30 years’ experience at Lloyd’s, will be Ark’s Chief Underwriting Officer.
Aquiline Capital Partners, a private equity investment firm established in November 2005 by former Marsh Chief Executive Jeff Greenberg, is providing Ark’s capitalization. He noted: “The initiatives undertaken by Lloyd’s management have significantly strengthened Lloyd’s franchise as a premier global insurance and reinsurance market. We are excited about the opportunity to participate in Lloyd’s through Ark. We believe that Ark’s management team brings extensive experience in the targeted classes of business and the underwriting discipline that is core to building a long-term successful Lloyd’s franchise.”
Greenberg also heads Validus Holdings, which operates through Validus Re. Both are headquartered in Bermuda, and were established in December 2005 with an initial capitalization of $1 billion by Aquiline. It in turn is backed by major institutional investors, including Merrill Lynch and Goldman Sachs.
Topics Excess Surplus Reinsurance Insurance Wholesale Lloyd's
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