Bermuda-based insurer Ariel Holdings has bought specialist Lloyd’s of London insurer Atrium Underwriting.

Bermuda-based insurer Ariel Holdings has bought specialist Lloyd’s of London insurer Atrium Underwriting.

The all-cash deal was agreed for 365p a share, which has valued the business at £193 million.

Atrium is the second Lloyd’s insurer to be bought by a Bermuda firm since June, when Validus acquired Talbot Underwriting.

Ariel, which was formed with £488 million start-up capital in December 2005, offers property, marine, energy and aviation reinsurance.

Atrium specialises in high risk businesses such as war and terrorism coverage for aviation and shipping companies. Last year it had gross premiums of £152 million.