Barbican eyes new opportunities ahead
Barbican Managing Agency (Barbican) is
continuing to consolidate its position in
what it states is a rather challenging time for
Iain Bremner, managing director of
Barbican, said that growth for any managing
agency was challenging. However, Barbican
would be seeking to grow its corporate
partnerships within the agency’s capitalisation
base. The agency currently has some significant
third-party capital providers that support it, but
it is keen to develop its investor base further.
“From those partnerships, we might be able
to spawn new opportunities,” Bremner told
Monte Carlo Today. “It’s a progressive education
in a way, bringing these investors into Lloyd’s.
We’re building relationships in difficult market
conditions, but we feel that it’s one way to grow.
“It’s not unique, but Barbican has been
very successful in establishing special purpose
“Not only have we helped to establish
these SPAs, but we have evolved one into a full
syndicate. Until you’ve participated in the full
life cycle of the structure you don’t know all the
nuances involved in being an SPA manager.
“That’s very attractive to investors and the
fact that we’ve become known as an effective
SPA manager has opened up numerous
opportunities for Barbican,” he said.
Bremner added that Barbican was working
with clients in a number of different territories
and sectors to create long-term and stable
partnerships that could generate business
attractive to the Lloyd’s market.
Barbican was created a decade ago and,
Bremner said, the agency had shown that it
had the stability and entrepreneurial spirit
to continue. He pointed out that Barbican’s
capacity under management had increased
sevenfold since launch, and that there was still
growth potential ahead.
Barbican also announced that it has appointed
a new non-executive director. Henry Johnson will
join the managing agency at the start of October,
subject to regulatory approval. Johnson is the
former chief actuary at Lloyd’s. n
XL Catlin sets its sights on the ‘fascinating’ Indian market
Brendan Plessis, head of emerging markets
at XL Catlin, said that the company is
excited by the launch of its Indian reinsurance
branch earlier this year.
“It was by design—we looked at the
changing regulations and for us to be
meaningful in the Indian subcontinent we
need to continue to provide risk transfer
solutions to our clients in-country and to work
within the framework of the right of first
refusal,” he told Monte Carlo Today.
“It made perfect sense for us to establish a
branch in Mumbai, which is the heart of the
market in India.”
Plessis stressed that XL Catlin was not a
stranger to the Indian market. XL Catlin has
had service operations in India since 2004,
when it opened its first offices in Gurugram,
later adding offices in Bengaluru. The shared
services teams deliver a range of critical
business support services on a global scale in
areas such as underwriting, actuarial, claims,
finance and marketing.
He said that having a risk-bearing
reinsurance carrier in India is “fabulous”,
adding that it was a big step that was warmly
welcomed. It was in lockstep with what XL
Catlin is trying to do within the wider emerging
markets strategy and he added that the firm
is working very closely with its underwriting
teams to enable them to be successful.
Plessis said that the XL Catlin reinsurance
team in India was coming together in a fast and
efficient manner and that it had been fully on
top of the latest in regulatory changes coming
from the Indian government, especially from
the regulators in Hyderabad.
“We have a fantastic footprint globally, with
our network partners working with us in terms
of paper in-country, and we’re doing a lot of
work with those partners in terms of driving the
business for multinationals,” he said.
“It’s important to trust partners—the trust
component is critical in places and that is
especially true in emerging markets, where
the politics are as important as the economics.
Our strategic intelligence team is pivotal in this
“India is fascinating. Out of the BRICS
nations, China and India are firing on all
cylinders. There have been issues in Brazil and
Russia, while South Africa has been facing the
double whammy of the commodities crunch
and political changes.
“India has a very reformist prime minister,
Narendra Modi, and in the past year we have
seen a great many reforms in the country that
have made it extremely attractive for us.” n
20 | MONTE CARLO TODAY | DAY 4: Wednesday September 13 2017 www.intelligentinsurer.com | www.bermudareinsurancemagazine.com