J. Greenberg And Others Form New Lloyd's Syndicate

The launch of a new Lloyd's based underwriting agency, Ark Syndicate Management Limited was announced by four backing firms today.

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 and services provider, Swiss Re in Zurich and Lehman Brothers Co-Investment Partners private equity fund in New York.

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

Ark said it will underwrite a diversified, balanced book of insurance and reinsurance, in marine, energy, property and casualty classes. 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 the company. Mr. Beaton was formerly head of insurance at Aspen Insurance Holdings.

The company said David Foreman will serve as Ark's chief underwriting officer. Mr. Foreman was CUO of Wellington Syndicate 2020 until his retirement in April 2006.

Nick Bonnar, Ark's director of underwriting, was most recently head of specialty lines at Aspen. William Malloy, former president of Marsh Inc., will serve as non-executive chairman of the company.

Mr. Foreman said: "With the backing of highly regarded investors and an experienced management and underwriting team, Ark will offer disciplined and innovative underwriting products. We intend to establish a market-leading syndicate by building a diversified and balanced book of business across a broad range of insurance and reinsurance classes."

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

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

Whittington Group, will provide third party services, IT infrastructure and other support functions to Ark, the company said.

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