Hedge fund buys out stake previously owned by Steel Partners II
Hedge fund Carlson Capital has become the sole institutional shareholder in Lloyd’s insurer Barbican.
Carlson has bought a stake in the Lloyd’s insurer previously owned by private equity fund Steel Partners II. Following the purchase, Carlson now owns more than 90% of Barbican.
Barbican chief executive David Reeves said: “We are pleased to have Carlson as Barbican’s sole institutional sponsor and believe this transaction demonstrates Carlson’s long-term confidence in our business and future prospects.
“Over the past year we have significantly strengthened Barbican’s core underwriting business and believe the company is well positioned to continue to deliver effective solutions to brokers and customers worldwide.”
Formed in 2007, Barbican writes most of its business at Lloyd’s through Syndicate 1955. The syndicate had 2012 stamp capacity of £180m.
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