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LONDON—Barbican Managing Agency Ltd. has been granted conditional approval by Lloyd’s of London and the U.K. Financial Services Authority to operate a managing agency at Lloyd’s.
London-based Barbican announced Wednesday that from Jan. 1, 2011, it will manage syndicate 1955 at Lloyd’s.
Syndicate 1955 was set up by Barbican and started underwriting in January 2008. The syndicate is managed by London-based Whittington Capital Management Ltd.
The syndicate will have capacity of £180 million ($280.7 million) for 2011, Barbican said in a statement, and will underwrite property, marine, aviation and transportation insurance and reinsurance; U.K. insurance; and cyber liability, financial and professional lines, and health care liability business.
In the statement, David Reeves, CEO of Barbican, said the establishment of a managing agency had been a primary objective of the company.
Barbican also operates a non-Lloyd’s reinsurance business based in Guernsey.
LONDON A multiline Lloyd's of London syndicate, Barbican 1955, was launched Thursday.