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.
Syndicate 3623 has been authorized by Lloyd's and is able to accept business immediately, Beazley said, and, subject to Lloyd's approval, Syndicate 3622 will accept business from January 1, 2009.
Andrew Horton, chief executive of Beazley, said in a statement that “Beazley's new Accident & Life division will further diversify our underwriting portfolio into attractive growth markets and extend our geographic reach. I am delighted to welcome Chris Branch and his colleagues to the Beazley team.”
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