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.