Barbican's Syndicate 1955 has won approval from Lloyd’s of London management for its 2019 business plan after it agreed to quit the marine hull and cargo insurance markets.
The Barbican insurance group's marine division is headed by Simon Saunders, with Mike McGeown as chief underwriter.
Barbican said it had taken “hard” decisions to get the ok for its business plan and that it approved of the profitability drive undertaken by Lloyd’s management.
“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,” said Iain Bremner, managing director of Barbican Managing Agency.
“We have taken some hard decisions, that reflect prevailing market conditions, to ensure the sustainability of our plan.”
The Lloyd’s profitability drive headed by performance manager Jon Hancock has seen a number of syndicates either quit or reduce marine lines to get their business plans accepted.
The Standard Club's Syndicate 1884 and Channel Syndicate 2015 both said earlier this month that they would quit the marine hull business.
Others with plans to reduce or remove marine capacity from the Lloyd’s market include Brit, AmTrust, CNA Hardy, Tokio Marine Kiln, Advent, MS Amlin, Acapella and WR Berkley.
