Ariel Re gets green light to establish a Lloyd’s Managing Agent

Ariel Re, the Bermuda-based insurer sold to private equity by Argo Group last year, is to establish its own Lloyd’s managing agent following approval in principle by Lloyd’s Council. Barring upsets, Ariel Re Managing Agency (ARMA), will start managing the business of Syndicate 1910 and SPA 6117 from early next year.

“We are pleased to announce the establishment of our new Lloyd’s Managing Agent, Ariel Re Managing Agency,” said Ryan Mather, chief executive officer of Ariel Re.

“This is an important strategic milestone for Ariel Re and will allow us to achieve operating efficiencies and strengthen relationships with Lloyd’s and the UK Regulators.”

The company also announced a number of hires for the managing agency. Anouchka Gokhool, previously director of syndicate finance for Hiscox, joins as ARMA chief financial officer; Martin Vincent, also from Hiscox, where he was head of syndicate reporting, will be syndicate controller; Rebecca Knowles from Asta Capital joins as chief risk officer; Jon Poole from Blenheim Underwriting joins as chief actuary; and Natalie Dick, who has worked for businesses including Amlin, Chubb, Barbican and Arch Insurance, will be compliance manager.

Non-executive directors appointed include former Everest Bermuda CEO Mark De Saram, who will join as chairman of the ARMA board in October, and former group treasurer for Aviva Susan Sharrock Yates as audit committee chair.

Founded in 2005, Ariel Re became part of the Argo Group in 2017. As part of a restructuring, the group announced last November that it had agreed to sell the business to Pelican Ventures and J.C. Flowers & Co. for an undisclosed sum.