Barbican has launched a new underwriting operation in Bermuda.
Barbican Bermuda will focus on the US property market and will write exclusively on behalf of Barbican Syndicate 1955.
The operation will be led by former Axis/Novae head of US direct and facultative (D&F) property Nik Lucking, who will assume the position of head of D&F. He will report to Barbican divisional head of property David Slade and will be based in Bermuda.
The company will underwrite a direct and facultative portfolio of business on an excess and surplus lines basis. Building a balanced book across both commercial and industrial risks, the team will concentrate on Fortune 1000 corporations as well as middle-market organisations. All business written will be US-domiciled and will include nationwide, regional and single state/location accounts.
Prior to Axis/Novae, Lucking was senior vice president and head of individual risks at Montpelier Re Bermuda, having joined the carrier in in 2007. He was also an executive director at Willis, heading up the broker’s US property team in Bermuda and middle-market team in London.
Slade said: “We see this as an opportune time to establish ourselves in Bermuda. 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.”