Barbican syndicate launches at Lloyd's

LONDON— A multiline Lloyd's of London syndicate, Barbican 1955, was launched Thursday.

The syndicate will have stamp capacity of £75 million ($154.6 million) and has obtained in-principle approval from the Lloyd's Franchise Board to begin underwriting for the 2008 year of account.

The syndicate is supported by two U.S. private investment funds, New York-based Steel Partners II L.P. and funds managed by Dallas-based Carlson Capital L.P., as well as members of Barbican's management team, Singapore-based Whittington Group Pte. Ltd. and Kinmont Advisory.

It will underwrite a broad-based portfolio, the company said in a statement. It will begin with writing international property, casualty reinsurance, treaty business and other specialist lines.