Barbican Insurance Group has 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.
The syndicate is fully capitalised with funds managed by Credit Suisse’s insurance-linked securities (ILS) team and will have a capacity of £40 million for its first year of operation.
The vehicle will be managed by Barbican Managing Agency and will write business across the syndicate’s whole account, which is comprised of three underwriting divisions—property, specialty, and 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.”
