HCC Insurance has announced that its plan to buy the remaining 80% of the shares it does not own in holding company Illium Insurance has been accepted by Illium's board.
Illium, which commenced operations in 2004, is the owner of a Lloyd's managing agency that manages Syndicate 4040, which specialises in UK third party and employers' liability.
HCC currently represents 30% of the syndicate's capacity of £70m.
Stephen Way, chairman and chief executive of HCC, said: "Illium represents a planned increase in our London market presence and provides a Lloyd's platform with licences to facilitate the expansion of our international operations outside of the US and Europe."
The deal is subject to regulatory approval. Terms were not disclosed.
