Flagstone acquires Marlborough
Marlborough Underwriting Agency, the Lloyd’s of London syndicate 1861 managing agency, is to be acquired by Flagstone Reinsurance Holdings Ltd from current owners Berkshire Hathaway.
The acquisition does not include any liability written during or before or the existing Lloyd’s corporate member.
Terms of the deal have not been disclosed, and must be approved by the Financial Services Authority and Lloyd’s.
Marlborough underwrites a specialist portfolio of short tail insurance and reinsurance.
Mark Byrne, chairman of Bermuda-based Flagstone, said the acquisition is an ‘important strategic addition’ to the company, and that Marlborough is an ‘excellent fit’ to complement the company’s current business.
He added that having offices in London will help Flagstone in its mission to be a ‘multi line reinsurer’ in selected markets.
Tom Bolt, managing director at Marlborough, said his company is ‘pleased’ to have joined Flagstone and the opportunities this creates.
Category: Companies News, Insurance News
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