Imagine Insurance has completed the acquisition of all of the outstanding shares of Lloyd's managing agency, Abacus Syndicates and Abacus Underwriting Agencies.
The transaction brings all Abacus personnel to Imagine, including executive chairman, Bob Wallace, managing director, Iain Bremner, and the underwriting teams for Syndicates 2525 and 2526 .
The company said the transaction has received all necessary regulatory approvals and is effective immediately.
With the completion of the Abacus transaction, Imagine now manages four syndicates at Lloyd's -syndicates 994, 1400, 2525 and 2526 - with total stamp capacity for the 2006 underwriting year of £222m.
Bob Forness, chief underwriting officer and Co-ceo of Imagine, said: "This acquisition further underlines our commitment to developing our presence in the Lloyd's market and reflects our group strategy of providing capital to talented niche underwriting teams."