Munich Re acquires MSP Underwriting

by Gill Montia

Story link: Munich Re acquires MSP Underwriting

Munich Re, the global reinsurance business, is acquiring UK-based MSP Underwriting Ltd.

The latter owns Beaufort Underwriting Agency, the Lloyd’s managing agency that manages the business of Lloyd’s Syndicate 318.

MSP also owns Evergreen Underwriting Services, the Lloyd’s service company that underwrites commercial business.

Munich Re has reinsured Syndicate 318 since 2002 and the acquisition will give it access to 47.3% of the business of the Syndicate. It will also enable Munich Re to broaden its business written via Lloyd’s.

This business will include lines not covered by the Watkins Syndicate, a member of the Munich Re Group that specialises in marine insurance.

According to Peter Röder, a member of the Munich Re board, “Syndicate 318 has a proven track record of actively managing the cycle and writing business profitably throughout it. We intend to continue on this successful course, for which we are counting on the longstanding experience and know-how of the Syndicate team.”

The move will provide MSP Underwriting with strategic advantages; the firm specialises in international property business but also has two smaller portfolios covering commercial property and aviation insurance.