Barbican ring-fences cyber premium for remainder of 2014

Lloyd’s insurer Barbican has denied rumours that it is unable to write any new risk cyber business this year.

A spokesperson for Barbican confirmed that the insurer had not withdrawn from writing cyber business but has ring-fenced the capacity for renewals. They added that new business was being written within the ring-fencing.

Geoff White, cyber, technology and media underwriting manager at Barbican, said: “As with all Lloyd’s syndicates, Barbican’s cyber team has its capacity pre-agreed by Lloyd’s at the beginning of each underwriting year. We are delighted to have seen a significant increase in the number of submissions in 2014, compared to 2013. Our capacity was increased by Lloyd’s in 2014 and we also led the launch of several new cyber and technology E&O consortia.

“As ever, we manage that capacity to ensure that we can meet our renewals and support our brokers in their efforts to place quality cyber risks into the London Market. We are again looking to increase the amount of cyber capacity into Lloyd’s in 2015 to help meet the rapidly growing demands for innovative and responsive cyber insurance solutions.’