A team from Lloyd's managing agency Ensign have completed their management buyout of Limit's £142m motor syndicate 980.

The acquisition was led by John Neal, active underwriter of syndicate 980 since 1995.

His team at Ensign Holdings is to take over the management of syndicate 980 which employs 300 staff for the 2001 and future years of account. The syndicate has a capacity of £142m and was formed from the merger of two Limit motor syndicates – 877 and 980.

John Neal said: “The team at Ensign has received strong financial support from first-rate backers including Names and NatWest bank and we continue to be firmly focused on a high standard of service to brokers and insured's alike.”

Ensign motor syndicate 980 underwrites motor fleet and personal lines as well as commercial/haulage and coach and bus fleets.