Log In

Reset Password
BERMUDA | RSS PODCAST

Ironshore syndicate to grow third party business

A Bermuda international business is aiming to rake in more than $100 million through a permanent syndicate at Lloyd's of London.

Ironshore, an island-based insurance and reinsurance company, is to become the first firm to convert a special purpose syndicate at Lloyd's of London into a permanent syndicate backed by third-party capital from Lloyd's Names.

A spokesman for Ironshore said: “It's a definite positive. It provides another source of fee income and leverages our expense business and our agency expertise. Also it's a source of potential capital.”

The new syndicate, at present known as special purpose syndicate 6110, is managed by Ironshore's Lloyd's managing agent Pembroke.

Once converted, the syndicate will be known as Acappella Syndicate 2014. It aims to launch for the 2014 underwriting year and will target $106 million of premium income in its first year of operation.

Pembroke managing director Justin Wash said: “This is a significant step towards 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.

“We have a strong appetite to grow the third-party business and actively engage with other potential investors, providing distinctive distribution benefits to the Lloyd's market.”

Lloyd's Names are wealthy individuals, corporate members or other sources of institutional capital, who back policies on a limited liability basis.

You must be Registered or to post comment or to vote.

Published October 01, 2013 at 6:01 pm (Updated October 01, 2013 at 8:07 pm)

Ironshore syndicate to grow third party business

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon