Beazley Group plc, Lloyd's syndicates, said it has completed its acquisition of Momentum Underwriting Management Limited (MUM), which was first announced Sept 22. The transaction is worth up to $37.5 million.
After receiving approval from Lloyd's and the UK's Financial Services Authority (FSA), Beazley said the Momentum team, under the continued management of Chris Branch, will form Beazley's new Accident & Life division.
Beazley established two new Lloyd's syndicates to support the acquisition: Syndicate 3623, which will focus on personal accident and also insure sports business; and Syndicate 3622, which will be a dedicated life syndicate.
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