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.
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 email@example.com
News Alert May 2010