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Japanese reinsurer, Barbican receive Lloyd's approval for special purpose arrangement

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Japan-based The Toa Reinsurance Co. Ltd. and U.K.-based insurer and reinsurer Barbican Group Holdings Ltd. have received in-principle approval from the Lloyd's of London franchise board to establish Toa Re Special Purpose Arrangement, Asia Insurance Review reported. The arrangement will be backed exclusively by Toa Re and will commence underwriting on Jan. 1, 2018. Itwill be managed by U.K.-based Barbican Managing Agency Ltd., with an initial capacity of $41 million.

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