Munich Re will strengthen its presence in Lloyd’s with the acquisition of Syndicate 318, it announced this week.
The German reinsurer expects to complete the acquisition of MSP Underwriting, owner of managing agent Beaufort Underwriting and service company Evergreen Underwriting Services for a price it says is “in the mid double-digit million euro range”.
Through Beaufort, Munich Re will gain access to 47.3% of Syndicate 318, which earned £137m in gross premiums in 2006. Beaufort had a turnover of £3.5m in the same year.
Syndicate 318 specialises in international property business and has smaller commercial property and aviation portfolios. The acquis-ition will be completed by the end of the year.
Munich Re has reinsured Syndicate 318 since 2002. It also owns Syndicate 457 – the Watkins Syndicate – which specialises in marine insurance.
Michael Pritchard, executive director of MSP Underwriting, said: “The acquisition creates new strategic advantages for us. Given our excellent relationship to date, Munich Re was a preferred partner for this transaction.”
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