Houston-based HCC Insurance Holdings Inc. announced it acquired Indianapolis, Ind.-based MultiNational Underwriters LLC (MNU), which specializes in international life, accident and health insurance, offering coverage to customers in more than 130 countries.
In conjunction with the MNU acquisition, HCC has received approval from Lloyd’s, effective Jan.1, 2008, to establish a new Lloyd’s Syndicate, 4141, which will initially write the MNU international accident and health insurance, and other selected lines of business in the future.
MNU’s clients include United States citizens traveling or residing outside the country, U.S. corporations with employees and their families traveling or residing abroad, foreign nationals and the employees of foreign companies outside their home countries, missionary organizations, and institutions of higher education with foreign programs.
Founded in 1998, MNU is expected to write more than $40 million in premium in 2008. President Betsy Brougher and the MNU team of professionals in Indianapolis and at locations around the world will remain with the company following closing.
The 2008 year capacity of Syndicate 4141 is approximately $24 million. In addition to Syndicate 4141, HCC Underwriting Agency Limited will continue to manage Syndicate 4040.
Source: HCC Insurance Holdings Inc., www.hcc.com
Topics Mergers & Acquisitions Excess Surplus Underwriting Lloyd's
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