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LONDONAriel Holdings Ltd. is to acquire Lloyd's of London managing agency Atrium Underwriting P.L.C.
Hamilton, Bermuda-based Ariel, through its subsidiary Ariel Re Co. Ltd., will pay about £193.2 million ($396.6 million) for Atrium, the company said in a statement.
Atrium manages Lloyd's syndicates 609, a marine syndicate, and 570, a nonmarine syndicate.
"Atrium is a leading Lloyd's specialist insurer, with a high-quality underwriting and management team, and a long track record of achieving strong performance under challenging market conditions. Atrium's diversified mix of property and casualty business, and access to the Lloyd's market make it a highly complementary addition to Ariel," said Don Kramer, chairman and chief executive officer of Ariel, in the statement.
Christine Dandridge, active underwriter of syndicate 609 and a director of Atrium, has announced she will retire.