M&A movement
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There has been a recent uptick in merger and acquisition activity in the Lloyd's of London market.
• In March, Achilles Netherlands Holdings B.V. took over Brit Insurance Holdings N.V., which operates Lloyd's of London syndicate 2987.
• In May, Chicago-based Ryan Specialty Group L.L.C. bought Lloyd's company Jubilee Group Holdings Ltd., which operates syndicates 5820 and 779. The deal was finalized in September.
• In July, Worcester, Mass.-based Hanover Insurance Group Inc. bought Chaucer Holdings P.L.C., which operates several Lloyd's syndicates.
• In September, ProSight Specialty Insurance Holdings Inc. bought Lloyd's coverholder TSM Agencies Ltd. and the capacity rights to syndicate 1110.
• Also in September, a consortium comprising Tawa P.L.C., Assuranceforeningen Skuld and Paraline Group, bought the Lloyd's managing agency services of Whittington Group Pte. Whittington provides managing agency services for turnkey syndicates at Lloyd's whereby capacity is managed on behalf of a third party.
• And also in September, Torus Insurance Holdings Ltd. acquired Lloyd's syndicate 1301 and its corporate members Broadgate Underwriting Ltd. and Broadgate Underwriting 2010 Ltd.
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