Argo Group International Holdings sold Ariel Re in 2020. Credit: Clker-Free-Vector-Images from Pixabay.

Bermuda-based reinsurer Ariel Re has received ‘in principle’ approval from Lloyd’s Council to set up a Lloyd’s managing agent.

The new firm will be called Ariel Re Managing Agency (ARMA) and will manage business operations of Syndicate 1910 and SPA 6117 from early 2022. However, it is subject to regulatory approval.

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As part of the formation of new entity, Ariel Re has made a number of appointments in London.

Non-executive directors Mark De Saram, Susan Sharrock Yates and Belinda Schofield will join ARMA in October 2021. Saram will take charge as chairman of the board, Yates will act as audit committee chairperson and Schofield will serve as risk committee chairperson.

The executive team will see Anouchka Gokhool join ARMA as chief financial officer from Hiscox. Martin Vincent, who worked at Argo Management Services will join as syndicate controller.

Rebecca Knowles will join as ARMA’s chief risk officer, who was deputy chief risk officer of Asta Capital. Chief actuary Jon Poole joins ARMA from Blenheim Underwriting. Natalie Dick who has 25 years of experience will join the team as compliance manager.

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Ariel Re CEO Ryan Mather said: “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.”

“We are also delighted to welcome such high calibre talent to the ARMA team. 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.”

In November 2020, Bermuda-based specialty underwriter Argo Group International Holdings sold Ariel Re to private equity investors Pelican Ventures and JC Flowers.