Bermuda-based RenaissanceRe Holdings Ltd. has agreed to acquire Spectrum Partners Ltd. in a stock deal that could be worth approximately $7 million at current prices. The company did not disclose financial terms.

Spectrum has as its principal operating subsidiary Spectrum Syndicate Management Ltd., a Lloyd's managing agent. No other terms were announced for the transaction, which will see the establishment of RenaissanceRe Syndicate 1458, for which Spectrum serves as the managing agent.

RenaissanceRe said its syndicate operations began last month, with underwriting of property and specialty business beginning June 1.

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