Aquiline Holdings, the majority owner of Ark Syndicate Management,
has reached a provisional agreement to sell the Lloyd's
managing agency to Ian Beaton and other senior executives,
The Insurance Insider can reveal.
Under the dividend recapitalisation and earn-out deal, the
executive team – which also includes director of underwriting David
Foreman and CUO Nick Bonnar – would take on senior bank debt and
hybrid debt and buy out the managing agency's equity over
approximately three years.
Aquiline and the other…