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Ironshore Inc.'s Pembroke Managing Agency Ltd. has been given approval in principle by Lloyd's of London to form and manage a new syndicate in 2014, Ironshore announced Tuesday.
Underwriting permission for the new unit, to be called the Acappella Syndicate and numbered 2014, will be determined upon completion of Lloyd's review of Pembroke's management plan and the agreement on its business plan and capital requirements, Ironshore said in a statement.
Syndicate 2014, which will have a target of £65 million ($104.9 million) in premium in its first year, will be a conversion of Special Purpose Syndicate 6110. SPS 6110 was established in 2012 with £25 million ($40.4 million) in capacity provided by Lloyd's names, later increased to £45 million ($72.6 million). The special purpose syndicate's business consisted solely of quota share reinsurance of certain classes of business underwritten by Pembroke Syndicate 4000, including property treaty, personal accident and contingency, Ironshore said in the statement.
David Bruce, formerly of Hiscox Ltd., will be syndicate 2014's active underwriter, assisted by Toby Stubbs, who will oversee the property reinsurance division. Jim Quinn will join the syndicate in December as head of the new casualty reinsurance team.
Mark Johnson will be appointed to the Pembroke board of directors, subject to Lloyd's and Prudential Regulation Authority approval, responsible for third-party capital and development of third-party business for the agency. Pembroke expects to announce further appointments in the future, according to the Ironshore statement.
“This is a significant step toward Pembroke developing its third-party business, while leveraging Ironshore's distribution network to bring new business into the Lloyd's market that is supported by private investors,” Justin Wash, managing director of Pembroke, said in the statement.