Launch of new Lloyd’s Syndicate 4020 and Managing Agency

London, 19 March 2007 – Aquiline Capital Partners LLC (‘Aquiline’), a New York based private equity firm investing in financial services, and Whittington Group, a leading insurance investor and services provider, together with Swiss Re and private equity fund Lehman Brothers Co-Investment Partners, announced today the launch of Lloyd’s based underwriting agency Ark Syndicate Management Limited (‘Ark’ or ‘The Company’). The Company has gained approval from the Financial Services Authority and Lloyd’s Franchise Board for Lloyd’s Syndicate 4020, and will begin writing policies incepting from 1st April 2007.

Ark will underwrite a diversified, balanced book of insurance and reinsurance, in marine, energy, property and casualty classes. The Company has a stamp capacity of £114m for the 2007 year of account.

Ark’s management team has a history of profitable underwriting and successful franchise development. Ian Beaton will serve as Chief Executive Officer of the Company. Mr Beaton was formerly Head of Insurance at Aspen Insurance Holdings (‘Aspen’). Prior to this, he was Co-Head of McKinsey & Company’s European Property and Casualty insurance practice. David Foreman, Ark’s Chief Underwriting Officer, has more than 30 years’ experience at Lloyd’s and was Chief Underwriting Officer of Wellington Syndicate 2020 until his retirement from the company in April 2006.Nick Bonnar will be Ark’s Director of Underwriting. He has almost 20 years’ underwriting and broking experience and was most recently Head of Specialty Lines at Aspen. In addition, William Malloy, former President of Marsh Inc, will serve as Non-Executive Chairman of the Company.

Commenting on the launch of Ark, Mr. Foreman said: “With the backing of highly regarded investors and an experienced management and underwriting team, Ark will offer disciplined and innovative underwriting products. We intend to establish a market-leading syndicate by building a diversified and balanced book of business across a broad range of insurance and reinsurance classes.”

Aquiline is the lead investor in Ark. Jeffrey Greenberg, the Managing Principal of Aquiline, will become Chairman of the holding company, Bermuda-based Group Ark Insurance Holdings Limited. Mr. Greenberg said: “The initiatives undertaken by Lloyd’s management have significantly strengthened Lloyd’s franchise as a premier global insurance and reinsurance market. We are excited about the opportunity to participate in Lloyd’s through Ark. We believe that Ark’s management team brings extensive experience in the targeted classes of business and the underwriting discipline that is core to building a long-term successful Lloyd’s franchise.”

Whittington Group, who sponsored the formation of Ark and has invested in the Company, will provide third party services, IT infrastructure and other support functions to Ark. Whittington Group Chief Executive Officer Tony Hobrow said: “Whittington is experienced at looking for opportunities of this kind. In Ark we identified an exceptional management team and a market opportunity. We are proud to have sponsored the whole process and believe that Ark will be a great success.”

Further information:

Ark Syndicate Management & Whittington:

Damian Beeley Tel: +44 (0)20 7623 2368 Mob: +44 (0)7950 481795 E-mail:

Ian Barrett Tel: +44 (0)20 7623 2368 Mob: +44 (0)7798 898277 E-mail:

Aquiline Capital Partners LLC

Andrew Merrill Finsbury Group Tel: +1 212 303 7600 Mob: +1 917 622 1252 E-mail:

Tripp Kyle Finsbury Group Tel: +1 212 303 7600 Mob: +1 215 801 8101 E-mail:

Notes to Editors:

Aquiline Capital Partners LLC

Aquiline is a private equity firm based in New York investing in financial services enterprises in industries such as property and casualty insurance, specialty finance, securities, asset management, life insurance, and transaction processing. Aquiline seeks to add value to its portfolio companies through strategic, operational, and financial guidance.

Whittington Group

Whittington is an international insurance investment and service business headquartered in Singapore. It is dedicated to providing bespoke and innovative solutions to the insurance industry.

Whittington received substantial equity injections from two Asia-based funds, UCL Asia Partners and GEMS, in May 2006. This equity will be used to expand the business to provide risk capital for insurance investments, back-office outsourced services and run-off administration focused on finality, capital release and schemes of arrangement.

Swiss Re

Swiss Re is the world’s leading and most diversified global reinsurer. The company operates through offices in more than 25 countries. Founded in Zurich, Switzerland, in 1863, Swiss Re offers financial services products that enable risk-taking essential to enterprise and progress. The company’s traditional reinsurance products and related services for property and casualty, as well as the life and health business are complemented by insurance-based corporate finance solutions and supplementary services for comprehensive risk management. Swiss Re is rated “AA-“ by Standard & Poor’s, “Aa2” by Moody’s and “A+” by A.M. Best.

Lehman Brothers

Lehman Brothers Co-Investment Partners is a $1.6 billion fund which invests alongside premier private equity funds globally. Lehman Brothers (ticker symbol: LEH), an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide. Founded in 1850, Lehman Brothers maintains leadership positions in investment banking, equity and fixed income sales, trading and research, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operates in a network of offices around the world. For further information about Lehman Brothers’ services, products and recruitment opportunities, visit the Firm’s Web site at