Lloyd’s insurer Beazley has acquired First State Management Group, a Boston-based underwriting manager specialising in commercial property insurance, from the Hartford Financial Services Group. The terms of the deal were not disclosed.
Lloyd’s insurer Beazley has acquired First State Management Group, a Boston-based underwriting manager specialising in commercial property insurance, from the Hartford Financial Services Group. The terms of the deal were not disclosed.
The acquisition consolidates Beazley’s presence in the US property insurance market. First State plans to underwrite some $150 million (£104 million) of gross premium for 2009.
Jonathan Gray, head of Beazley’s Property Group, said: “First State is an excellent fit, both strategically and culturally, with Beazley. We have been reinsuring the business for many years and know the team well. Our underwriting and service capabilities in the US are significantly enhanced by this acquisition.”
In the nine months ended 30 September 2008, Beazley reported an increase in gross premium of one per cent to £595 million.
