The management team of Trenwick Managing Agents (TMA) has reached agreement with Trenwick Group (Trenwick) to acquire Trenwick's Lloyd's business.

The management buyout (MBO) was led by chief executive officer, Michael Watson, and includes the capture of composite Syndicate 839, and Life Syndicate 44.

The new business (NewCo) will be majority-owned by private equity fund, Englefield Capital.

The management team plans to acquire the business with effect from the 2004 year of account for which the capacity of the two syndicates is expected to be £250m and £3.5m respectively.

Syndicate 839 will focus on:

  • Treaty Reinsurance
  • Personal Lines and Property insurance
  • Professional Indemnity insurance
  • Financial Institutions insurance
  • Specialty Lines insurance

    NewCo CEO Michael Watson said: "The MBO team is very excited at the prospect of taking the restructured business forward. Our entire staff has worked tirelessly over the past two years to turn the business around.

    "We have a strong team of respected underwriters operating in our core areas and underwriting conditions remain excellent. We are highly committed and seek to establish our business as one of the leading Lloyd's franchisees over the next few years."

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