Barbican managing agency chairman steps down

The chairman of Barbican Managing Agency (BMA), Jeremy Soames, has stepped down after five years in the role.

During his tenure, BMA’s stamp capacity grew from £180 million to £260 million.

Soames has been succeeded by Richard Hobbs, who has moved from his current position as BMA’s senior independent non-executive director to become chairman.

David Reeves, Barbican group chief executive officer (CEO), said: “Jeremy has contributed immensely to the success of BMAL over the last five years. Our management team has also benefited from working with a chairman who leads a board with a strong independent style.

“We thank Jeremy for his leadership and look forward to working with Richard, who we already know well, to take BMA forward through the next phase of its development. Barbican has become an inventive and agile insurance business since its formation in 2007, and I am proud to have played a part in its development since 2010.

“My tenure as chairman of BMA begins at an exciting point in its evolution. The combined efforts of Jeremy and the Barbican management team have created a dynamic managing agency with strong foundations. Our aim now is to take full advantage of opportunities within the Lloyd's market that have a good strategic fit with the group as a whole.”