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Barbican receives conditional approval to act as Managing Agency at Lloyd’s

Barbican Managing Agency has received conditional approval from Lloyd’s and the Financial Services Authority (FSA) to act as a Managing Agency at Lloyd’s. The new agency will manage Lloyd’s Syndicate 1955, effective 1 January 2011.

Syndicate 1955 commenced underwriting in January 2008, underwriting a diverse range of property, casualty and marine (re) insurance classes.

Currently, the syndicate writes 10 lines of business and its capacity has increased from £75m in 2008 to £180m for 2011.

The agency board will be led by chairman Jeremy Soames, formerly a board member of NM Rothschild and senior adviser to Marsh.

Soames will be supported by non-executive directors Richard Hobbs, who also serves as a board director of Lansons Public Affairs and Regulatory Consulting practice, and Andrew Elliott who is active underwriter of Shelbourne’s Lloyd’s (RITC) Syndicate 2008.

Other members of the agency board are Mark Harrington, chief underwriting officer and active underwriter, Jon Godfray, chief operating officer, David Russell, director of risk & governance and Richard Cunningham, agency finance director.

Barbican CEO David Reeves said the successful establishment of agency marks a milestone in the development of Barbican business.