Property

The primary aim of the Property Division of Barbican’s underwriting operation is to create effective property solutions in two market sectors: Open Market and Binding Authorities.

Open Market

We write primarily as an Excess of Loss market; but we will also consider non-attritional primaries on certain occasions.

We usually expect to be within the first $150 – 200 million of each risk. Our open market business comes mainly from the United States with the rest of the world representing around 15% of the risks.

The portfolio is split approximately 60/40 between wholesale and risk managed business. Our maximum line is $10 million; $5 million IRO Cat.

Binding Authorities

Here we focus on writing commercial, rather than personal, business with long-term coverholders who are mainly privately owned or with a niche focus—together with traditional Lloyd’s Broker Lineslips.

Current business is largely US or UK based. However, our objective is to develop a worldwide account over time. The maximum Binding Authority line is $1m for US—and up to £5m worldwide.