Pembroke Managing Agency of Ironshore has been granted permission by Lloyd's to manage a new syndicate for the 2014 year of account.
Called Acappella Syndicate 2014, the new entity with a £75m stamp capacity is planning to raise £60.5m in premium during its first year.
David Bruce will be the active underwriter, and will be assisted by Toby Stubbs, who will manage the Property Reinsurance Division.
Jim Quinn has been appointed as the head of the new Casualty Reinsurance team, who will join the syndicate in December 2013, according to the company.
The Syndicate 2014 is a modification 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.
The company claims that SPS 6110 is the first of its kind to convert into a stand-alone syndicate, and Syndicate 2014 will continue to be supported by Lloyd’s Names and also TransRe’s corporate name "TRe IMCO Ltd."
Pembroke managing director Justin Wash said that 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," Justin added.
Ironshore offers broker-sourced specialty property and casualty insurance coverage using its multiple international platforms, across the globe.