Barbican Insurance Group has secured approval approval from Lloyd’s for the 2019 Business Plan for Barbican Syndicate 1955.
Key information contained within the business plan includes:
Syndicate 1955 will focus on core markets and will increase its focus on the specialty lines sector. Specialty will make up nearly half of its overall stamp capacity for 2019.
There will be an increase in capacity across a number of specialty lines, including cyber, international and US casualty treaty and healthcare.
The plan will see Syndicate 1955 withdraw from property insurance, marine cargo and hull insurance (as previously announced in May), and PI insurance.
Syndicate 1955 remains committed to its other business lines and has increased capacity for marine reinsurance and energy.
Barbican Managing Agency Limited managing director Iain Bremner said: “Barbican fully supports the steps that the market is taking to enhance its overall resilience. As part of this push, our 2019 business plan will see us focus on our core markets and capitalise on our strong standing in the specialty lines sector.”
“We have taken some hard decisions, that reflect prevailing market conditions, to ensure the sustainability of our plan. We firmly believe that our business strategy for 2019, and beyond, will provide Barbican with a very strong platform to manage current market conditions effectively and further strengthen our position in our key markets.”
Source: Company Press Release