Barbican Group Holdings Limited (Barbican) has today announced that it has acquired Seacurus Ltd (Seacurus), a UK-based specialist marine insurance broker.

Established in 2004, Seacurus focuses specifically on revenue protection in the marine insurance market. A leading provider of marine kidnap & ransom insurance, the company offers a range of products designed to help companies in the shipping industry manage a wide variety of operating and financial risks.

Seacurus will continue to operate under its current brand. Details of the transaction have not been disclosed.

David Reeves, chief executive officer of Barbican, said: “Today’s acquisition marks a significant milestone in the continuing growth of our marine operations. Seacurus has built a leading position within the marine insurance broking sector, particularly in the kidnap & ransom arena. Its success reflects the experience and expertise of its team, led by Thomas Brown. Seacurus is an excellent fit for Barbican and we see clear synergies between us, not only in terms of the portfolios of business, but also the culture which exists in each organisation.”

Thomas Brown, managing director of Seacurus, added: “Becoming part of Barbican provides us with an excellent platform from which to further expand and enhance the comprehensive range of bespoke solutions we deliver to our clients in the shipping industry. We look forward to working closely with our new colleagues to achieve this.”

In April 2013 Seacurus launched CrewSEACURE, an insurance product for employers of seafarers required to meet regulatory obligations under the Maritime Labour Convention 2006 and the International Guidelines on Seafarer Abandonment. The product offers cover in the event of an employer’s financial default, and includes the indemnification of unpaid wages.