Barbican syndicate 1955 exits property, marine cargo/hull, PI insurance

Barbican Syndicate 1955 has received the Lloyd’s approval for its 2019 business plan which includes a withdrawal from property insurance, marine cargo and hull insurance, and professional indemnity (PI) insurance.

Syndicate 1955 remains committed to its other business lines and has increased capacity for specialty lines, marine reinsurance and energy.

Syndicate 1955 will focus on core markets and will increase its focus on the specialty lines sector, which 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.

“Barbican fully supports the steps that the market is taking to enhance its overall resilience,” said Iain Bremner, managing director, Barbican Managing Agency. “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,” he added. “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.”

Get all the latest re/insurance industry news with our daily newsletter -  sign up here.

More of today's news

Structured deals drive growth at Hannover Re despite ‘intense competition’

Reinsurance unit boosts growth at Navigators ahead of Hartford takeover

Property boosts growth at Beazley but it quits construction and engineering

Zurich posts solid results but warns on challenges in P/C business

Generali posts increased profits and solid growth in first nine months

Brit Global Specialty taps cyber, technology leader from Beazley

Currency depreciation hits growth at Mapfre but profits up

BMS swoops for Gallagher execs in Australia

r10 Consulting partners with Northern Ireland insurtech

Don't miss our insurtech email newsletter - sign up today