Richard Brindle, previously an underwriter with Charman, is to start a new short-tail reinsurer on Bermuda, according to reports.
The new firm is to be called Lancashire. It is aiming to raise between $750m-$1bn and obtain a licence from the Bermuda Monetary authority in time for the 1 January 2006 renewals.
It appears the new firm is halfway to reaching its capital-raising objectives, and already has backing from established reinsurance private equity capital providers Cypress and Capital Z.
The firm will be targeting short-tail marine energy, property reinsurance and retro and wants to recruit a full underwriting team of its own, rather than acting as a quota-share partner for other established players.