Barbican in new venture with Credit Suisse ILS unit
Barbican Insurance Group has established a new Special Purpose Syndicate (SPS) capitalised by funds managed by Credit Suisse’s ILS team.
SPS 6120 will underwrite a whole account quota share reinsurance contract of Barbican Syndicate 1955, commencing on January 1, 2015.
The new venture will have a capacity of £40 million in its first year of operation. The vehicle will be managed by Barbican Managing Agency and will write business across the Syndicate’s whole account, which is comprised of three underwriting divisions: property, specialty and MAT (marine, aviation and transport).
David Reeves, group chief executive of Barbican, said: “The establishment of SPS 6120 boosts the ability of Syndicate 1955 to take further advantage of the multiple opportunities for profitable growth that we see across our underwriting divisions. We are very pleased with the level of support which we have received from the funds managed by the Credit Suisse ILS team and look forward to developing this strategic partnership further.”
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