Barbican launches new Special Purpose Syndicate
19 December 2014
Funds managed by Credit Suisse ILS team provide capital for new Lloyd’s vehicle
Barbican Insurance Group has today announced that Lloyd’s has approved the establishment of a new Special Purpose Syndicate (SPS). SPS 6120 will underwrite a whole account quota share reinsurance contract of Barbican Syndicate 1955, commencing on 1 January 2015.
SPS 6120 is fully capitalised with funds managed by Credit Suisse’s ILS team and will have a capacity of £40m for its first year of operation. The vehicle will be managed by Barbican Managing Agency Limited and will write business across the Syndicate’s whole account, which is comprised of three underwriting divisions – property, specialty and MAT (marine, aviation and transport).
Commenting on the launch, David Reeves, group chief executive of Barbican, said: “The establishment of SPS 6120 boosts the ability of Syndicate 1955 to take further advantage of the multiple opportunities for profitable growth that we see across our underwriting divisions. We are very pleased with the level of support which we have received from the funds managed by the Credit Suisse ILS team and look forward to developing this strategic partnership further.”
Barbican, SPS 6120, Syndicate 1955, Credit Suisse, marine, aviation, transport, property, specialty, Reeves, Lloyd’s
Barbican Insurance Group
+44 (0)20 7082 1910
Allen & Clapham
+44 (0)7988 478 824
Notes to Editors
Barbican Insurance Group http://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, media and contingency, energy and specialty lines including casualty reinsurance, cyber liability, healthcare liability, financial and professional lines and professional indemnity.