New split stamp strategy introduced across Syndicate 2012 and 1955.
London, 09 December 2020 – Arch Insurance International has today announced the change of name of Barbican Syndicate 1955 (BAR 1955) to Arch Syndicate 1955 (ASL 1955), with effect from 1st January 2021.
The rebranding of Syndicate 1955 forms part of the ongoing integration of Barbican Insurance Group into Arch Capital Group Ltd. It follows the recent announcement of the launch of Arch Managing Agency Limited to combine Arch Underwriting at Lloyd’s and Barbican Managing Agency Ltd into a single entity.
In addition, the Company announced that for 2021 it will introduce a split stamp strategy across Arch Syndicate 1955 and Arch Syndicate 2012. The strategy will apply across a number of insurance lines for risks incepting on or after 1 January 2021, including: cyber & tech PI, fine art & specie, general liability, healthcare, management liability, marine war, offshore and onshore energy, and terrorism. Syndicate 1955’s reinsurance lines will not be impacted by the split stamp strategy.
Commenting on the announcements, Simon Williams, Active Underwriter for Syndicate 1955 and Chief Strategy and Distribution Officer for Arch Insurance International, said: “The renaming of Syndicate 1955 is another key step in the seamless integration of Barbican into our organisation, as we continue to enhance our scope and relevance to brokers within the Lloyd’s market. The introduction of the split stamp strategy will allow us to achieve greater flexibility and improved efficiency for both our customers and brokers.”
TAGS / KEYWORDS
Arch Insurance International, Lloyd’s, Syndicate 1955, Syndicate 2012, Williams
EDITOR’S NOTES
About Arch Insurance International
Arch Insurance International is part of Arch Capital Group Ltd. and includes Arch Insurance UK and the P&C insurance operations of Arch Insurance (EU) dac, as well as Arch’s insurance operations in Europe, Bermuda and Australia.
About Arch Capital Group Ltd.
Arch Capital Group Ltd., a Bermuda-based company with approximately $15.2 billion in capital at September 30, 2020 provides insurance, reinsurance and mortgage insurance on a worldwide basis through its wholly owned subsidiaries.
Cautionary Note Regarding Forward-looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward−looking statements. This release or any other written or oral statements made by or on behalf of Arch Capital Group Ltd. and its subsidiaries may include forward−looking statements, which reflect our current views with respect to future events and financial performance. All statements other than statements of historical fact included in or incorporated by reference in this release are forward−looking statements.
Forward−looking statements can generally be identified by the use of forward−looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or their negative or variations or similar terminology. Forward−looking statements involve our current assessment of risks and uncertainties. Actual events and results may differ materially from those expressed or implied in these statements. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward-looking statements includes the following: adverse general economic and market conditions; increased competition; pricing and policy term trends; fluctuations in the actions of rating agencies and the Company’s ability to maintain and improve its ratings; investment performance; the loss of key personnel; the adequacy of the Company’s loss reserves, severity and/or frequency of losses, greater than expected loss ratios and adverse development on claim and/or claim expense liabilities; greater frequency or severity of unpredictable natural and man-made catastrophic events, including pandemics such as COVID-19; the impact of acts of terrorism and acts of war; changes in regulations and/or tax laws in the United States or elsewhere; the Company’s ability to successfully integrate, establish and maintain operating procedures as well as consummate acquisitions and integrate the businesses the Company has acquired or may acquire into the existing operations; changes in accounting principles or policies; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; availability and cost to the Company of reinsurance to manage the Company’s gross and net exposures; the failure of others to meet their obligations to the Company; changes in the method for determining the London Inter-bank Offered Rate (“LIBOR”) and the potential replacement of LIBOR and other factors identified in the Company’s filings with the U.S. Securities and Exchange Commission (“SEC”).
The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included herein or elsewhere. All subsequent written and oral forward−looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The Company undertakes no obligation to publicly update or revise any forward−looking statement, whether as a result of new information, future events or otherwise.
Source: Arch Insurance (UK) Ltd.
Media Contacts
Patrick Palmer
Head of Marketing and Communications, Arch Insurance International
M +44 7900 743664