PEMBROKE TO FORM LLOYD'S SYNDICATE 2014

Pembroke Managing Agency, part of the Ironshore Group, has obtained in principle approval from Lloyd's to form and manage syndicate 2014, the "Acappella" syndicate. Formal permission will be obtained once Lloyd's has reviewed Pembroke's arrangements to manage the syndicate and its capital requirements. Syndicate 2014 will be a conversion of Special Purpose Syndicate 6110, whose business is sourced through the quota share reinsurance of certain classes of business underwritten by Pembroke's Syndicate 4000. Ironshore acquired Pembroke and the syndicate from Chaucer in 2008 (IIN 24, September 10 2008). Syndicate 6110 was formed in 2012 with a stamp of £25m ($40.6m), backed by Lloyd's Names advised by Hampden Agencies. The capacity rose to £45m for the 2013 underwriting year. Syndicate 2014 will continue to be backed exclusively by Lloyd's Names, and is targeting £65m of premium in 2014. Pembroke managing director Justin Wash said that "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. 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". David Bruce, ex-Hiscox, will be Active Underwriter at Acappella. Toby Stubbs will oversee the Property Reinsurance Division. Jim Quinn will join Acappella in December 2013 as Head of a new Casualty Reinsurance team. Subject to Lloyd’s and Prudential Regulation Authority approval, Mark Johnson will be appointed to the Pembroke Board of Directors, responsible for third-party capital and development of third-party business.