John Charman, former group president and chief executive of Ace International Group, is rumoured to be making a comeback at Lloyd's.

Market sources have suggested he is setting up a new syndicate after his sudden departure from Ace in March. Charman had been promoted to group president and chief executive one and a half months before leaving rapidly, following “differences over personnel matters”.

It is now thought Charman will be starting up a new venture in the market. He began underwriting at Lloyd's with AL Sturge in 1971 and was elected deputy chairman from 1996 to 1997. He was also previously deputy chairman of Lloyd's.

Ace International, which has subsidiaries in 50 countries, owns syndicate 2488 which provides about 10% of the Lloyd's Market capacity.

The Bermuda-based insurer bought Charman's underwriting agency for £349m three years ago. He received $110m (£77.1m) worth of shares.

Players in the Lloyd's and Company Markets are unsurprised by reports of Charman's return. Some have suggested his funding would come from corporate backing, particularly from the Far East where he has strong relationships.