Barbican Group Holdings (Barbican) has purchased Seacurus, a UK-based specialist marine insurance broker, for an undisclosed sum.

Founded in 2004, Seacurus mainly offers marine kidnap & ransom insurance and will continue to maintain its brand name under the new ownership.

The company also provides an array of products designed to assist firms in the shipping industry to manage various operating and financial risks.

Barbican CEO David Reeves said the company will be benefited from Seacurus’ strong position within the marine insurance broking sector, particularly in the kidnap & ransom arena.

Seacurus managing director Thomas Brown commented, "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."

Founded in 2007, Barbican Group writes business mainly through its Syndicates at Lloyd’s, although it manages a non-Lloyd’s financial services business based in Guernsey which provides commercial insurance solutions to the Channel Islands.