Barbican acquires specialist marine insurance broker
6 December 2013
Barbican Group Holdings Limited (Barbican) has today announced that it has acquired Seacurus Ltd (Seacurus), a UK-based specialist marine insurance broker.
Established in 2004, Seacurus focuses specifically on revenue protection in the marine insurance market. A leading provider of marine kidnap & ransom insurance, the company offers a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks.
Seacurus will continue to operate under its current brand. Details of the transaction have not been disclosed.
David Reeves, chief executive officer of Barbican, said: “Today’s acquisition marks a significant milestone in the continuing growth of our marine operations. Seacurus has built a leading position within the marine insurance broking sector, particularly in the kidnap & ransom arena. Its success reflects the experience and expertise of its team, led by Thomas Brown. Seacurus is an excellent fit for Barbican and we see clear synergies between us, not only in terms of the portfolios of business, but also the culture which exists in each organisation.”
Thomas Brown, managing director of Seacurus, added: “Becoming part of Barbican provides us with an excellent platform from which to further expand and enhance the comprehensive range of bespoke solutions we deliver to our clients in the shipping industry. We look forward to working closely with our new colleagues to achieve this.”
In April 2013 Seacurus launched CrewSEACURE, an insurance product for employers of seafarers required to meet regulatory obligations under the Maritime Labour Convention 2006 and the International Guidelines on Seafarer Abandonment. The product offers cover in the event of an employer’s financial default, and includes the indemnification of unpaid wages.
Barbican, Seacurus, Reeves, Brown, Marine
Notes to Editors
Formed in 2007, Barbican Group Holdings is an insurance group writing business predominantly through its Syndicates at Lloyd’s. It also has a non-Lloyd’s financial solutions business based in Guernsey which offers commercial insurance solutions to the Channel Islands.
Barbican Syndicates 1955 and 6113 at Lloyd’s have a stamp capacity of £227.5m for the 2013 year of account and underwrite cyber liability, financial and professional lines, healthcare liability, international casualty reinsurance, marine insurance, marine reinsurance, North American casualty reinsurance, property, property reinsurance and corporate, middle market and scheme/affinity group clients in the UK and Ireland.
Seacurus Ltd is an FCA-regulated insurance broker, founded in 2004, specialising in bespoke revenue protection cover for the maritime industry. It is a market leader in the design and implementation of solutions to protect companies from unforecasted balance sheet impacts, including credit default, charter party cancellations, hijackings and voyage disruptions caused by political events. Seacurus established the first delegated underwriting binding authority for marine kidnap insurance and is an approved Lloyd’s Coverholder.
In the UK, all members of the Barbican Insurance Group of companies are registered in England and Wales and are subsidiaries of Barbican Group Holdings Limited (a company incorporated under the Laws of the Island of Guernsey). The members of the Barbican Insurance Group of companies that are incorporated in England and Wales are Barbican Holdings (UK) Limited (company no. 06410772), Barbican Corporate Member Limited (company no. 06400087), Barbican Managing Agency Limited (company no. 06948515) and Barbican Underwriting Limited (company no. 06634788). Barbican Managing Agency Limited which is authorised and regulated by the Financial Conduct Authority and Prudential Regulation Authority. The registered offices of all members of the Barbican Insurance Group of companies are situated at 33 Gracechurch Street, London EC3V 0BT.