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Private equity-backed specialty insurer to buy Lloyd's syndicate


LONDON—Private equity-backed ProSight Specialty Insurance Holdings Inc. said Wednesday that it has reached an agreement to buy a Lloyd’s of London coverholder for an undisclosed amount.

Private investment firms TPG Capital L.P., based in Fort Worth, Texas, and GS Capital Partners, a unit of the New York-based financial services firm Goldman Sachs Group Inc., are backing Prosight.

The New York-based specialty insurer said it plans to acquire London-based TSM Agencies Ltd. and all of the capacity rights to Lloyd’s syndicate 1110. The syndicate was established in 2010 with a primary focus on covering engineering risks.

Prosight is buying from the majority shareholder the Electrical Contractors’ Assn., which is a London trade group, according to a Prosight spokesman.

“Acquiring a Lloyd’s presence is the first step in the expansion of our unique business model on the global stage,” Joe Beneducci, founder and CEO of ProSight Specialty Insurance, said in a statement.

The acquisition, which remains subject to regulatory approvals from the U.K. Financial Services Authority and Lloyd's, is expected to close in the fourth quarter, ProSight said.

The deal would allow ProSight to provide global services to U.S. customers and distributors, and would add specialist engineering and power expertise to the insurer’s existing capabilities, according to the statement.