Faber Global's CEO Jason Howard is to become chief executive of newly formed Acappella Group Holdings, effective July 1 2014. The new operation, which is funded by Willis and Bermuda-based Ironshore, will, once fully established, "combine underwriting, capital markets, analytical and distribution capabilities to the market".
Pembroke Managing Agency, part of Ironshore Group, obtained in principle approval from Lloyd's last November to form and manage syndicate 2014, also known as the Acappella syndicate. That syndicate was a conversion of Special Purpose Syndicate 6110, whose business was sourced through the quota share reinsurance of certain classes of business underwritten by Pembroke Syndicate 4000. Ironshore bought Pembroke, and Syndicate 4000, from Chaucer in September 2008. It formed Syndicate 6110 in 2012, a move which seems more significant today than it did then. At the time it was seen as a relatively small operation offering access to Names who were advised by Hampden Agencies. In November 2013 it was stated that Syndicate 2014 would continue to be backed exclusively by Lloyd's Names, even though its capacity had risen to £65m. It also formed a new casualty reinsurance team, headed by Jim Quinn, previously at Brit 2987.
On June 19 Willis Re CEO John Cavanagh confirmed that the broker held a stake in Acappella, and stated that Willis Re hoped the syndicate would encourage new external investors to Lloyd's.
Meanwhile, Faber Global has announced that Alistair Lester will replace Howard as chief executive of Faber Global, which is the facultative and wholesale reinsurance arm of Willis Group Holdings. After a period as CEO of Willis Global Solutions he became interim CEO of Willis Netherlands.
Howard had been CEO at Faber Global for three years. Previously he was CEO of Willis Re's international and specialty reinsurance operations.