Two insurance industry veterans have announced the formation of Synercon Insurance Holdings, a new company they said is intended to "acquire and build a network of independent insurance agencies."

Synercon said that David D. Haynes, formerly of Synaxis Group, will serve as the company's chief executive officer, while Kenneth H. Pinkston, formerly of Willis Group Limited, will serve as chairman.

Mr. Haynes said the company is setting a target of $200 million in revenues within the next five years. The firm said it is not disclosing how much capital the concern has to work with.

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