London-based insurer Beazley Group has acquired First State, a surplus lines underwriter manager of commercial property risk, from the Hartford Financial Services Group.
Beazley said it was acquiring the unit for a total of $35.4 million in cash. The transaction does not include First State's specialty and health care programs. Those programs will remain with Hartford. The Hartford, Conn.-based firm said it was shedding a non-core operation with the sale.
Beazley said in a statement that First State, which is led by President and Chief Operating Officer Judy Patterson, is headquartered in Boston and has offices in Atlanta, Chicago, Los Angeles, New York and San Francisco.
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