Beazley finalises acquisition of First State Management
Beazley Group, the London-based specialist insurer, has completed its acquisition of US underwriting manager, First State Management Group.
The move will enhance Beazley’s presence in the US mid-sized commercial property sector, which normally does not come to the Lloyd’s market.
First State expects to underwrite around $150 million of gross premium this year and new policies issued by the firm will be backed by Beazley’s Lloyd’s syndicates 2623 and 623.
With this in mind, Beazley has bolstered the capital of its Lloyd’s syndicates with £27 million.
Beazley has been underwriting mid-sized excess and surplus (E&S) lines commercial property business locally in the US since 2007 and says First State will now form the core of its expanded E&S capability.
The firm’s head of property, Jonathan Gray, comments: “First State is an excellent fit, both strategically and culturally, with Beazley. We have been reinsuring the business for many years and know the team well.”
First State’s president and chief operating officer Judy Patterson (who will now report Mark Bernacki) adds that the announcement of the company’s move to Beazley has met with a “universally positive and enthusiastic” response from customers.
Category: Companies News, Insurance News
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