BARBICAN RECEIVES LLOYD’S APPROVAL FOR SPS 6120

Lloyd’s has approved Barbican Insurance Group's new special-purpose syndicate (SPS), backed by alternative capital. SPS 6120, which is capitalised by funds managed by Credit Suisse’s insurance-linked securities (ILS) team, will underwrite a whole-account quota-share reinsurance contract of Barbican syndicate 1955, commencing on January 1, 2015. The new vehicle will have a capacity of £40m ($62.5m) for its first year of operation, although Barbican hopes to expand this over time. SPS 6120 will be managed by Barbican Managing Agency and will write business across the syndicate’s whole account, which is comprised of property, specialty and marine, aviation and transport. The insurer and reinsurer has a Lloyd's stamp capacity of £250m for 2014. Barbican has previously announced plans to launch a rated reinsurance vehicle in 2015, which will be domiciled in Guernsey or Bermuda and will write business that does not fit within Lloyd’s risk appetite or which the group does not have capacity to write through its syndicates.