Multi-line, specialty Bermuda reinsurer Ariel Re is establishing a Lloyd’s managing agent, Ariel Re Managing Agency (ARMA) to manage the business of Syndicate 1910 and SPA 6117 starting in early 2022, subject to regulatory permissions.

Ariel Re chief executive officer 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.”

The in principle approval for the Lloyd’s managing agent was provided by the Lloyd’s Council in July.

Based in Bermuda, Ariel Re also has offices in London and Hong Kong and has already begun making staff adjustments.

The company said in connection with the establishment of the managing agency, Ariel Re has made key hires in London, staff additions that align with Ariel Re’s vision of being the premier manager of reinsurance risk.

Mr. Mather said: “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.”

Retired Everest Re CEO and former board member Mark De Saram joins in October as chairman of the board.

At the same time, Susan Sharrock Yates, former group treasurer for Aviva will join the board as ARMA audit committee chair. She is a trustee of the Friends Life Pension scheme and a non-executive director of The Family Building Society.

Also in October, Belinda Schofield will be joining the board as ARMA chair of the risk committee. She is also non-executive director, chair of the risk and compliance committee, and member of the audit and treasury committees of Tysers Insurance Brokers Ltd. She is also chief executive 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.

ARMA chief Ffinancial officer is Anouchka Gokhool, most recently director of syndicate finance for Hiscox Limited and formerly with Catlin and Tokio Marine Kiln.

Syndicate controller is Martin Vincent who previously worked at Argo Management Services with responsibility for the Ariel Re syndicate 1910 financial returns.

Argo Group International Holdings Ltd. closed the sale of Ariel Re to Pelican Ventures and J.C. Flowers & Co. in November.

A seasoned Lloyd’s market financial controller, Mr Vincent also most recently was at Hiscox Limited as head of syndicate reporting.

Rebecca Knowles is ARMA chief risk officer, after acting deputy chief risk officer of Asta Capital, and previously head of risk capital with Catlin.

Jon Poole, an Ariel Re UK alumnus, is chief actuary, most recently chief actuary for Blenheim Underwriting Ltd. after previous stints with Catlin and Montpelier Re.

Natalie Dick is the Compliance Manager, after compliance work with a variety of companies including Amlin, Chubb, Ark, Barbican, Arch Insurance, and Ariel Re.