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LONDONBeazley Group P.L.C. has bought the entire issued share capital of Santam Corporate Ltd., which participated in its syndicate 623 at Lloyd's of London.
Beazley said the deal would enable it to increase its share of the combined capacity of syndicates 623 and 2623 to 81%.
Santam contributed £19.0 million ($37.5 million) to the syndicate, Beazley said in a statement.
Beazley said it paid £14.4 million ($28.4 million) to Santam U.K. Ltd. for Santam Corporate Ltd.