Lloyd’s has been working to cut back loss-making lines
Barbican Syndicate 1955 will exit writing all direct and facultative property insurance.
Insurance Times understands that after working with Lloyd’s, D&F property will no longer be part of its 2019 business plan.
However, Barbican Protect, the group’s MGA which deals with regional UK markets, will continue to write property insurance business.
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.
Non-US open market property D&F was previously been named by Lloyd’s as its worst-performing class in its review of open market performance.
Various other syndicates are reported to have since exited or scaled back on their D&F property book.
These include those syndicates of Travelers, StarStone, Markel and Argo.
Action taken to cut out loss-making lines was given as a reason for Lloyd’s announcing a return to profit of £0.6bn for the first half of 2018.
Barbican declined to comment.
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