Chaucer Syndicates, the syndicate management subsidiary of Chaucer Insurance Holdings, has completed its acquisition of Syndicate 1204.
Syndicate 1204, previously owned by Kiln, predominantly writes professional indemnity insurance.
Chaucer said it would seek to renew a niche account of claims made on hospital liability business, which would be underwritten by Syndicate 1084. It said this would account for less than 5% of gross premium income for 2004.
It said Syndicate 1204 would not trade into 2004, and that it intended to close the 2003 year of account of Syndicate 1204 into its Syndicate 1084 for a fee.
Chaucer said it was not assuming any liability for business written by Syndicate 1204 prior to the RITC of the 2003 year.
In a statement on the acquisition, Chaucer said: "The renewal rights provide an excellent opportunity for Chaucer to bring a new line of specialist business into Syndicate 1084 that offers the prospect of very good returns in the current underwriting climate as well as generating additional management fee income to provide a contribution to group overheads."
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