Barbican Insurance Group has set up a new technology errors and omissions (E&O) consortium.
The insurance and reinsurance underwriting facility, led by Barbican Syndicate 1955, will underwrite technology E&O 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, 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 larger technology firms, the line size necessary to attract such business into the Lloyd’s market.”
White added: “This line capacity is provided by a highly experienced team and supported by a dedicated claims service which includes specific technology expertise. 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.”
