Lloyd’s managing agent acquired by Renaissance Re
by David Masters
RenaissanceRe Holdings has taken a controlling stake in Spectrum Partners and its subsidiary, Spectrum Syndicate Management, a Lloyd’s of London managing agent.
Under the terms of the deal, RenaissanceRe has the option to purchase all outstanding shares of Spectrum Partners.
Financial details of the merger were not disclosed.
In April 2009, RenaissanceRe received approval from Lloyd’s to establish RenaissanceRe Syndicate 1458, for which Spectrum serves as managing agent.
RenaissanceRe’s syndicate operations commenced in May, and it started underwriting property from 1 June.
RenaissanceRe confirmed that Spectrum Partners chief executive Richard Murphy and its managing team will remain in post when the acquisition is complete.
Neill Currie, RenaissanceRe chief executive, said the company decided on the acquisition to enable it to “operate effectively and efficiently in London and to meet the growing demand for our products and services.”
The acquisition is subject to approval by Lloyd’s and the Financial Services Authority (FSA).
RenaissanceRe Syndicate 1458 underwrites property and speciality business.