Run-off specialist LCL Group has reached agreement for the acquisition of the Bermuda-registered Associated International Insurance (AII).

AII is a subsidiary of the Greyfriars Insurance Company which in turn is a subsidiary of the Sovereign Marine & General Insurance Company.

Sovereign became the subject of a scheme of arrangement in 2000 and LCL's purchase of AII is being made via Tony McMahon of KPMG, the scheme administrator. The deal is subject to regulatory approval.

Andrew Brannon, a director of LCL acquisitions said: “Acquisition of the AII business is the latest in a series of transactions that we have completed this year. We are keen to increase our presence and profile in Bermuda in line with our development strategy.”

AII will retain its name and will continue to be managed and registered in Bermuda.

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