Ariel Re has revealed that the Lloyd’s Council has granted the group ‘in principle’ approval for a reinsurance business with offices in Bermuda, London and Hong Kong, to establish a Lloyd’s Managing Agent.
The new company, Ariel Re Managing Agency, is expected to manage the business of Syndicate 1910 and SPA 6117 from early 2022.
In connection with the establishment of the managing agency, Ariel Re has appointed Mark De Saram as chairman of the board from October 2021.
He started in reinsurance as a Lloyds broker with Stewart Wrightson. Thereafter, he worked in London with Victory/NRG Victory and then Transatlantic Re as an underwriter and then manager.
Another appointment includes Susan Sharrock Yates as the newest audit committee chair who will also join the board in October 2021.
She is a chartered accountant and a member of the association of corporate treasurers. She qualified with Ernst and Young before working in investment banking, gaining valuable markets and trading experience.
Anouchka Gokhool takes up the position of CFO. She began her career in public accounting in 2000 and today has over eighteen years’ experience in the insurance market, which she has gained as a subject matter expert in financial reporting.
Ryan Mather, CEO of Ariel Re, said: “We are pleased to announce the establishment of our new Lloyd’s managing agent, Ariel Re Managing Agency. 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.”