Cincinnati closes £102m acquisition of Munich Re subsidiary MSP Underwriting
Cincinnati Financial Corporation has completed the acquisition of MSP Underwriting from Munich Re. The all-cash transaction values £102 million.
Based in London, specialty underwriter MSP operates through Beaufort Underwriting Agency, which underwrites for Lloyd's Syndicate 318. The Syndicate wrote approximately £182 million in 2018 annual gross written premiums.
The transaction, which was first announced in October 2018, closed following the receipt of regulatory approvals and certain other conditions.
As a wholly owned subsidiary of Cincinnati Financial, MSP will continue to operate with its existing leadership team.
Steven Johnston, Cincinnati president and chief executive officer, said: "The team at Beaufort are respected Lloyd's underwriters, and we are pleased to have them join the Cincinnati family. Their underwriting philosophy and business culture mirror our own. I look forward to working with them to build plans for a future that will benefit our associates, agents, clients and shareholders over the long term."
Derek Eales, director, MSP Underwriting, said: "We are delighted to be joining Cincinnati Financial at this time. We look forward to making our contribution to the continued success of the group and all its stakeholders."
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