Bermudian reinsurer Ariel Re has been granted ‘in principle’ approval by the Lloyd’s Council to establish a Lloyd’s Managing Agent.
The new company, called Ariel Re Managing Agency (ARMA), is expected to manage the business of Syndicate 1910 and SPA 6117 from early 2022, subject to regulatory permissions.
“We are pleased to announce the establishment of our new Lloyd’s Managing Agent, Ariel Re Managing Agency,” said Ryan Mather, Chief Executive Officer of Ariel Re.
“This is an important strategic milestone for Ariel Re and will allow us to achieve operating efficiencies and strengthen relationships with Lloyd’s and the UK Regulators.”
In connection with the establishment of the Managing Agency, Ariel Re has made a number of executive hires in London.
These include the appointment of Anouchka Gokhool as ARMA Chief Financial Officer, who most recently served as Director of Syndicate Finance for Hiscox Limited.
Also joining from Hiscox is Syndicate Controller Martin Vincent, who previously worked at Argo Management Services with responsibility for the Ariel Re syndicate 1910 financial returns.
ARMA’s Chief Risk Officer Rebecca Knowles was formerly Deputy Chief Risk Officer of Asta Capital, with previous roles as Capital Manager at Catlin and within the specialised capital modelling consultancy team at EMB/Towers Watson.
Meanwhile, Chief Actuary Jon Poole joins ARMA from Blenheim Underwriting Ltd., where he also held a Chief Actuary role. Qualifying as an FIA in 2006, Poole managed the reserving function for Catlin and was the syndicate actuary for Montpelier Re and Ariel Re UK before joining Blenheim.
Rounding out the executive team is Compliance Manager Natalie Dick, who has gained 25 years’ experience across companies such as Amlin, Chubb, Ark, Barbican and Arch Insurance.
Turning to Non-Executive Directors, Mark De Saram has been appointed as Chairman of the board of ARMA. De Saram started in reinsurance as a Lloyds broker with Stewart Wrightson, before working in London with Victory/NRG Victory and then Transatlantic Re as an Underwriter and then Manager, and ending his career as part of the Everest senior management team.
Additionally, Susan Sharrock Yates has been named as ARMA Audit Committee Chair. She qualified with Ernst & Young before working in investment banking, then moving into corporate treasury, first at CIBC Mortgages and later at Diageo and Rentokil, and until the end of 2019 was Group Treasurer for Aviva.
Finally, Belinda Schofield has been appointed as ARMA Risk Committee Chair. During her 30-year career as an insurance lawyer and partner in City law firm, CMS, she held positions on the firm’s board and remuneration committee and was responsible for the leadership of successful teams.
She also serves on the board of Tysers and is CEO of Officer of ALM Ltd (the Association of Lloyd’s Members); Chair of the Chartered Insurance Institute’s Disciplinary Decision Review Panel; and an external member of Lloyd’s Enforcement Panel.
“We are also delighted to welcome such high calibre talent to the ARMA team,” Mather added. “These are all highly experienced executives in the reinsurance industry, and we are excited to see what this team can achieve as they build ARMA into a market-leading Managing Agent in Lloyd’s.”