Barbican Syndicate announces withdrawal from further markets in 2019 plan

Barbican Syndicate 1955 will exit marine cargo and hull insurance and PI insurance as part of its 2019 business plan.

This is in addition to exiting from property insurance, which Insurance Times reported earlier this week.

Barbican confirmed Lloyd’s had approved their business plan, which will also see capacity increase for specialty lines, marine reinsurance and energy.

In a statement, Syndicate 1955 stated it will focus on core markets, with specialty making up nearly half of its overall stamp capacity for 2019.

There will be an increase in capacity across a number of specialty lines, including cyber, international and US casualty treaty and healthcare.

Commenting on the announcement, Iain Bremner, managing director, Barbican Managing Agency Limited said: “Barbican fully supports the steps that the market is taking to enhance its overall resilience.

“As part of this push, our 2019 business plan will see us focus on our core markets and capitalise on our strong standing in the specialty lines sector.”

Lloyd’s has been reviewing its business portfolios after making a £2bn overall loss in 2018. It is currently working with syndicates on their business plans for 2019, with bosses looking to cut unprofitable lines. 

Bremner added: “We have taken some hard decisions, that reflect prevailing market conditions, to ensure the sustainability of our plan.

“We firmly believe that our business strategy for 2019, and beyond, will provide Barbican with a very strong platform to manage current market conditions effectively and further strengthen our position in our key markets.”