Imagine to Acquire Lloyd’s Abacus

September 28, 2005

Imagine Insurance Company Limited, a member of The Imagine Group, announced that it has entered into an agreement in principle to acquire all of the outstanding shares of Abacus Syndicates Limited and Abacus Underwriting Agency Limited, subject to final documentation and receipt of regulatory approvals.

Abacus Syndicates Limited is a Lloyd’s managing agency, established in 1999, specializing in professional and employers’ general liability markets. Its 2005 capacity is 75 million pounds ($133 million).

Imagine said that as part of the transaction “it will provide support to Lloyd’s Syndicates 2525 and 2526 for 2006,” managed by Abacus. “With a growing platform of specialized syndicates, Imagine is providing opportunities for third-parties to partner with Imagine to provide capital support for underwriting at Lloyd’s,” the announcement added.

The Imagine Group, a subsidiary of Brascan Corporation, is a global specialty insurance and reinsurance company headquartered in Barbados. It has offices in Bermuda, New York, Connecticut, Philadelphia, St. Louis, London, Dublin, Munich, Copenhagen, Sydney and Tokyo.

Was this article valuable?

Here are more articles you may enjoy.