NU Online News Service, Dec. 01, 2:06 p.m.EST

ProSight Specialty Insurance has completed its purchase ofLloyd's coverholder TSM Agencies Ltd. and has hired the formerchief executive of Argo International to lead the newenterprise.

According to a statement from ProSight, the new entity will benamed ProSight Specialty Underwriters Ltd. and it will be led byformer Argo International chief executive Julian Enoizi, who wasalso president.

Before Argo, Enoizi was president and CEO of CNA Europe and hasheld senior executive roles with AIG Europe and Chubb Insurance Co.of Europe.

ProSight's buy includes the capacity rights to TSM Lloyd'sSyndicate 1110.

TSM specializes in the engineering and power business.

ProSight global CEO Joseph Beneducci says membership in theLloyd's community “affords us exceptional global flexibility andthe benefits of Lloyd's strong rating and reputation.”

When the deal was announced in September, a spokesman for ProSight, founded byBeneducci in 2009, takes an “opportunistic approach” to providingvery specialized coverage to niche markets where it hasdifferentiated underwriting and claims expertise.

The mindset extends to the company's distributors. It only usesa limited amount of distributors for specific risks.

Also in September, ProSight announced a partnership withprogram-administrator Tangram Insurance Services for its non-profitworkers' compensation program.

About a year ago ProSight completed the acquisition of NYMagicInc., an insurance holding company whose property and casualtyinsurance subsidiaries specialized in underwriting ocean marine,inland marine and non-marine liability insurance.