Barbican Insurance Group has unveiled a new underwriting operation based in Hamilton, Bermuda.
Managed by Nik Lucking as head of direct and facultative, Barbican Bermuda will write exclusively on behalf of Barbican Syndicate 1955. All business written will be US-domiciled, including nationwide, regional, and single state/location accounts.
The new unit in the British overseas territory will focus on the US property market, as well as on both Fortune 1000 corporations and middle-market organisations. The Bermudian company will underwrite a direct and facultative portfolio of business on an excess and surplus lines basis.
“Through Barbican Bermuda, we are able to extend the reach of Barbican’s property division in London and strengthen our US direct and facultative market proposition,” commented Lucking. “From Bermuda, we are able to bring the security of the Lloyd’s market to an even broader spectrum of organisations, introduce greater diversity into our property portfolio, and benefit from the stability that this brings.”
Experienced in the Bermuda (re)insurance market, Lucking was unit head of US direct and facultative property at AXIS/Novae and also served as senior vice president and head of individual risks at Montpelier Re Bermuda. A former executive director at Willis, Lucking spent time leading the firm’s Bermuda-based US property team as well as the middle-market team in London.
“We see this as an opportune time to establish ourselves in Bermuda,” said David Slade, divisional head of property at Barbican. “We believe that Bermuda offers significant opportunities for profitable, sustainable growth in the US direct and facultative arena, and Nik brings an exceptional level of underwriting insight and leadership to the operation.”
Related stories:
Barbican taps Silicon Valley analytics firm for cyber risk assessment
MS Amlin establishes new reinsurance firm
