Barbican to manage ILS syndicate

Barbican Insurance Group has received in principle approval from Lloyd’s to manage a syndicate funded by Credit Suisse’s ILS team.

Syndicate 1856 will have a first year stamp capacity of £90 million ($138.5 million) and, subject to Lloyd’s formal permission, the syndicate will begin underwriting business attaching on or after January 1, 2016.

David Reeves, group CEO of Barbican, said: “Today’s announcement reflects the evolution of our existing relationship with the Credit Suisse ILS team, following the establishment of Special Purpose Syndicate 6120 in December 2014.

“At Barbican, we continue to focus on providing an intelligent gateway for capital into the insurance and reinsurance sector, working with sophisticated capital providers with a long-term commitment to Lloyd’s.”