Barbican deploys Credit Suisse capital

Barbican deploys Credit Suisse capital

  • UK-based London market insurer Barbican has obtained Lloyd’s approval for the establishment of a new Special Purpose Syndicate (SPS), 6120. The new SPS will underwrite a whole account quota share reinsurance contract of Barbican Syndicate 1955, commencing on 1 January 2015. It will have a capacity of £40m for its first year of operation.
  • SPS 6120 is capitalised with funds managed by the Insurance Linked securities division of Credit Suisse’s ILS team. It will be managed by Barbican Managing Agency Ltd and will write business across the Syndicate’s whole account. That currently comprises the three underwriting divisions of property, specialty and MAT (marine, aviation and transport).
  • Barbican group chief executive David Reeves said: “The establishment of SPS 6120 boosts the ability of Syndicate 1955 to take further advantage of the multiple opportunities for profitable growth that we see across our underwriting divisions. We are very pleased with the level of support which we have received from the funds managed by the Credit Suisse ILS team and look forward to developing this strategic partnership further.”

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