Lloyd's insurer Advent Capital Ltd will take control of more than 90% of its Syndicate 780 after making an offer to buy-out all third party capital.
The company attempted to acquire all of the capacity not already owned by Advent or any of its subsidiaries in July 2006.
It received acceptances of £23,693,870, which represents 79% of the capacity that was subject to offer.
The Advent Group owned 80% of the capacity, which represents £122m out of a total syndicate capacity of £152m for the 2006 year of account on Syndicate 780.
As a result of the offer, that has risen to more than 90% of the capacity on Syndicate 780.
An application has, therefore, been made to Lloyd's for permission to give notice of termination of the standard managing agent's agreement to all of those members of Syndicate 780 who have not accepted the minority buy-out.
The offer is conditional on Lloyd's granting consent to the Minority Buy-out on or before 22 September 2006.
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