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Ark Syndicate Management launches Terrorism, War, and Political Risk business at Syndicate 4020
24 May 2007, London - Ark Syndicate Management is delighted to announce the addition of Simon Low to the group. Simon will be the Senior Terrorism, War and Political Risk underwriter at Ark Syndicate 4020. His team will underwrite a diverse and well balanced portfolio across these force majeure perils.
Prior to joining Ark, Simon was the Class Underwriter at Wellington Syndicate 2020 and was responsible for the running of the Terrorism, War and Political Risk department. He managed this account for over six years generating considerable growth whilst maintaining his strong lead position across his markets. Simon was an active member on the LMA’s business panels, including the Terrorism panel, Financial & Political Risk panel, and the Joint Hull War panel.
Before being employed by Wellington, Simon was with the Janson Green Syndicate for 6 years and was heavily involved in the Political Risk, Terrorism and Aviation War accounts. He started his career in Lloyd’s in 1988 with the Merrett Group where he worked on the underwriting of the Aviation and Political Risk accounts whilst assisting with the mitigation and resolution of the contract frustration claims.
Speaking of the appointment, Ian Beaton, CEO said
“In this time of heightened security concerns, international unrest and political violence Ark is looking to continue the Lloyd's history of providing insurance protection for our clients’ assets and the revenue streams they provide.
“Simon Low and his team have long experience of providing political force majeure cover in hotspot areas, both geographically and politically whilst also providing continuing cover for normal business environments.
“Our philosophy at Ark is to bring together the best possible people across a balanced and diversified portfolio to develop our business. Simon brings with him exceptional expertise in the Terrorism, War and Political Risk categories and I am delighted to welcome him to the team.”
For further details contact:
Matthew Newton or Alex Simmons at Finsbury – 0207 251 3801
Notes to Editors:
Ark Syndicate Management Ltd (‘ASML’) is a Managing Agency at Lloyd’s. It was established in March 2007 to support a new syndicate underwriting a diversified and balanced portfolio of reinsurance and insurance business including marine, energy, property and casualty lines. Ark trades as Syndicate 4020 at Lloyd’s.
ASML’s parent company, Group Ark Insurance Holdings Ltd, is based in Bermuda. The company has capacity to write £114m of business in 2007. Depending on market conditions, this is likely to double in 2008.
Ark benefits from Lloyd’s financial strength ratings of A+ from S&P, A+ from Fitch, and A from AM Best.
Ark is backed by a private equity consortium led by Aquiline and includes Lehman Brothers, Swiss Re, and Whittington.
Ark’s Terrorism, War and Political Risk team will provide property and business interruption insurance against Terrorism and War, especially in those locations where the definition can be blurred. It will also cover balance sheet asset value against political risks, such as expropriation, forced divestiture and abandonment as well as covering the cash flow from currency inconvertibility or prevention of exchange transfer.
The other major area of cover is contract frustration due to political perils such as embargo and government intervention which is becoming increasingly important as trade in emerging markets continues to expand rapidly.
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