Cincinnati Financial buys Munich Re underwriting unit
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Cincinnati Financial Corp. on Friday said it has signed a definitive agreement to acquire MSP Underwriting Ltd., a global specialty underwriting subsidiary of Munich Reinsurance Co., in an all-cash transaction for £102 million ($133.8 million), based on London-based MSP Underwriting's projected net asset value at closing.
Cincinnati said in a statement that the transaction is expected to close in the first quarter of 2019, pending regulatory approvals and other customary closing conditions.
According to the Cincinnati-based insurer’s statement, London-based MSP Underwriting will continue to operate under its own brand and with its existing leadership team.
MSP Underwriting operates through Beaufort Underwriting Agency Ltd., which underwrites for Lloyd's syndicate 318. The syndicate wrote approximately £153 million ($206.7 million) in 2017 annual gross written premiums.
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