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Barbican gets OK for special purpose Lloyd's syndicate

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Barbican Insurance Group has received approval to set up a special purpose syndicate at Lloyd's of London.

London-based Barbican announced Friday that syndicate 6120 will underwrite a whole account quota share reinsurance contract of Barbican's multiline syndicate 1955 starting Jan. 1.

Syndicate 6120 is capitalized by funds from Credit Suisse Group A.G.'s insurance linked securities team and will have capacity of £40 million ($62.5 million) for its first year of operation, Barbican said in a statement.

The syndicate will be managed by Barbican Managing Agency Ltd., it said.

“The establishment of special purpose syndicate 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,” said David Reeves, group CEO of Barbican, in the statement.

“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,” he added.

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