The launch of a new Lloyd's based underwriting agency, ArkSyndicate Management Limited was announced by four backing firmstoday.

Investing in the syndicate are Aquiline Capital Partners LLC,the New York private equity firm headed by Jeffrey Greenberg,Whittington Group, a Singapore-based insurance investor andservices provider, Swiss Re in Zurich and Lehman BrothersCo-Investment Partners private equity fund in New York.

The announcement said Ark has gained approval from the FinancialServices Authority and Lloyd's Franchise Board for Lloyd'sSyndicate 4020, and will begin writing policies April 1.

Ark said it will underwrite a diversified, balanced book ofinsurance and reinsurance, in marine, energy, property and casualtyclasses. The company said it has a stamp capacity of ?114 million($221.7 million) for the 2007 year of account.

Ark said Ian Beaton will serve as chief executive officer of thecompany. Mr. Beaton was formerly head of insurance at AspenInsurance Holdings.

The company said David Foreman will serve as Ark's chiefunderwriting officer. Mr. Foreman was CUO of Wellington Syndicate2020 until his retirement in April 2006.

Nick Bonnar, Ark's director of underwriting, was most recentlyhead of specialty lines at Aspen. William Malloy, former presidentof Marsh Inc., will serve as non-executive chairman of thecompany.

Mr. Foreman said: "With the backing of highly regarded investorsand an experienced management and underwriting team, Ark will offerdisciplined and innovative underwriting products. We intend toestablish a market-leading syndicate by building a diversified andbalanced book of business across a broad range of insurance andreinsurance classes."

Aquiline is the lead investor in Ark. The company said that Mr.Greenberg, former head of Marsh & McLennan Companies, themanaging principal of Aquiline, will become chairman of the holdingcompany, Bermuda-based Group Ark Insurance Holdings Limited.

Mr. Greenberg said: "The initiatives undertaken by Lloyd'smanagement have significantly strengthened Lloyd's franchise as apremier global insurance and reinsurance market. We are excitedabout the opportunity to participate in Lloyd's through Ark. Webelieve that Ark's management team brings extensive experience inthe targeted classes of business and the underwriting disciplinethat is core to building a long-term successful Lloyd'sfranchise."

Whittington Group, will provide third party services, ITinfrastructure and other support functions to Ark, the companysaid.

Whittington Group Chief Executive Officer Tony Hobrow said,"Whittington is experienced at looking for opportunities of thiskind. In Ark we identified an exceptional management team and amarket opportunity. We are proud to have sponsored the wholeprocess and believe that Ark will be a great success."