Barbican Insurance Group announces new technology E&O consortium
29 May 2014
Barbican Insurance Group has today announced that it has set up a new technology errors & omissions consortium. The insurance and reinsurance underwriting facility is led by Barbican Syndicate 1955.
The consortium underwrites technology errors & omissions business on a worldwide basis. The facility provides cover for a broad spectrum of companies including: software development; hardware manufacture; internet and application services providers; data hosting and data storage services; and telecom systems, as well as system and data integration providers.
In addition to Barbican Syndicate 1955, the other consortium members are: Novae Syndicate 2007; Kiln Syndicate 510 and ANV Syndicate 1861. The lead underwriters on the facility are Stuart Quinlan, deputy active underwriter of Syndicate 1955, and Geoff White, underwriting manager and head of Barbican’s specialist eRisks division.
Commenting on the launch, Mr. Quinlan said: “By establishing this facility as a consortium composed of a number of syndicates all with experience in the technology sector, we are able to offer customers, and particularly larger technology firms, the line size necessary to attract such business into the Lloyd’s market. This line capacity is provided by a highly experienced team and supported by a dedicated claims service which includes specific technology expertise.”
Mr. White added: “The technology E&O sector is a highly competitive one. However, by offering the sector knowledge required to understand the varied needs of an extensive customer base; the flexibility to adapt our insurance products to meet often rapidly changing market requirements; as well as a robust and competitive pricing model, all built upon a long-term strategy aimed at ensuring that as our customers evolve over the years we are there to support that process – we firmly believe we will quickly establish a strong position in the market.”
Barbican, Syndicate 1955, Novae, Kiln, ANV, technology, errors, omissions, E&O, Quinlan, White
Barbican Insurance Group
+44 (0)20 7082 1910
Allen & Clapham
+44 (0)7988 140 357
Notes to Editors
Barbican Insurance Group www.barbicaninsurance.com
Formed in 2007, Barbican Insurance Group underwrites business predominantly through its Syndicates at Lloyd’s. It also has a non-Lloyd’s financial solutions business based in Guernsey which offers insurance and reinsurance programmes to the global market and number of service companies including, Barbican Underwriting Limited, Castel Underwriting Agencies Limited, Professional Indemnity Protect Limited and Seacurus Limited.
Barbican Syndicates at Lloyd’s have a stamp capacity of £250m for the 2014 year of account and underwrite marine, aviation and transport re/insurance, property re/insurance and specialty lines including casualty reinsurance, cyber liability, healthcare liability, financial and professional lines and professional indemnity.
Categories: Cyber, Technology & Media