Ironshore’s Pembroke Managing Agency Limited has received formal approval from Lloyd’s to manage a new syndicate for 2014. Acappella 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 including property treaty, personal accident and contingency and short tail lines.
David Bruce, formerly of Hiscox, will be the active underwriter. Toby Stubbs will oversee the property reinsurance division and Jim Quinn will join as head of the new Casualty Reinsurance team. Talbot’s Mark Johnson will be appointed to the Pembroke board of directors, subject to approval, and will be responsible for Syndicate 2014 and other third-party capital. Acappella Syndicate 2014 is targeting £60.6 million of premium in its first year and has a £75 million stamp capacity.
Justin Walsh, managing director of Pembroke, said: “the new syndicate demonstrates Ironshore’s ongoing commitment in building Pembroke’s third-party business. 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.”
Ironshore, Pembroke Managing Agency, Lloyd's, third-party capital