Barbican Insurance Group has set up a new technology errors & omissions (E&O) consortium which underwriters on a worldwide basis.
The facility provides cover for a broad spectrum of companies including: software development; hardware manufacture; internet and application services providers; data hosting and data storage services; and telecom systems, as well as system and data integration providers.
The insurance and reinsurance underwriting facility is led by Barbican Syndicate 1955. Other consortium members are Novae Syndicate 2007, Kiln Syndicate 510 and ANV Syndicate 1861.
Stuart Quinlan, deputy active underwriter of Syndicate 1955, and Geoff White, underwriting manager and head of Barbican’s specialist eRisks division, are the lead underwriters.
Quinlan said: “By establishing this facility as a consortium composed of a number of syndicates all with experience in the technology sector, we are able to offer customers, and particularly larger technology firms, the line size necessary to attract such business into the Lloyd’s market. This line capacity is provided by a highly experienced team and supported by a dedicated claims service which includes specific technology expertise.”
White added: “The technology E&O sector is a highly competitive one. However, by offering the sector knowledge required to understand the varied needs of an extensive customer base; the flexibility to adapt our insurance products to meet often rapidly changing market requirements; as well as a robust and competitive pricing model, all built upon a long-term strategy aimed at ensuring that as our customers evolve over the years we are there to support that process – we firmly believe we will quickly establish a strong position in the market.”
Barbican, Europe, Novae, Kiln, ANV, Stuart Quinlan, Geoff White