Bermuda-based Max Capital Group Ltd. recently entered into an agreement to acquire Imagine Group (UK) Ltd. (“Imagine Lloyd’s”), a Lloyd’s insurance operation, from Imagine Insurance Company Ltd. (“Imagine”).

In addition to paying roughly ?11 million in cash ($22 million, under current exchange rates), Max Capital said it will replace letters of credit totaling approximately ?90 million ($179 million) that an affiliate of Imagine has provided to fund Imagine Lloyd’s syndicate commitments.

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