Barbican Syndicate 1955 business plan for 2019 approved
Syndicate 1955 receives Lloyd’s approval for 2019 business plan. Capacity will increase for specialty lines, marine reinsurance and energy...
- Withdrawal from property insurance, marine cargo and hull insurance, and PI insurance
- Barbican Insurance Group has today announced that the 2019 Business Plan for Barbican Syndicate 1955 has received written approval from Lloyd’s.
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.
Commenting on the announcement, Iain Bremner, Managing Director, Barbican Managing Agency Limited 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.”
He added: “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.”