New binding authority

LAUW is delighted to announce the signing of a new binding authority for financial institutions business with Barbican Financial & Professional Consortium, Lloyd’s consortium 9562.

The applicable security is 75% Lloyd’s syndicate 1955 (Barbican) and 25% Montpelier’s syndicate 5151.

The facility increases LAUW’s primary line for financial institutions business to $25 million and XOL to $35 million, all with 100% Lloyd’s security, covering FIPI, FI D&O, investment managers and FI comprehensive crime.

Novae Syndicate 2007, of course, remains the primary market for all financial institutions risks underwritten by LAUW with Barbican co-insuring with Novae or writing excess of Novae to add capacity where required.

About Barbican

Barbican’s focus is on non-US financial institutions, offering comprehensive crime, PI and D&O covers. The syndicate also provides non-US commercial D&O (including companies with American Depositary Receipts).

Barbican handles primary and excess, with a focus on small and middle market clients. Territories covered include the UK, Asia, Europe (including eastern Europe), Australia, South Africa and Canada.

LAUW’s contact at Barbican is Andrew Pearson – Barbican Divisional Manager

Andrew has more than 20 years’ experience in the financiaI institutions, D&O and PI markets, including time in Australia in the early 90s.

New FIPI form

LAUW has produced a new, improved financial institutions professional indemnity form.

For information on the new wording, please phone Steve Walker on 02 8912 6402 or email

News Alert May 2010