Max Capital Group Ltd. reports it has agreed to acquire Imagine Group (UK) Limited, a Lloyd’s insurance operation, from Imagine Insurance Co. Limited (“Imagine”). The agreement also includes the acquisition of Imagine Lloyd’s operations in Denmark and Japan.
The total transaction is expected to cost approximately £11 million paid in cash. In addition, Max Capital said it will replace letters of credit totaling approximately £90 million that an affiliate of Imagine has provided to fund Imagine Lloyd’s syndicate commitments.
Imagine Lloyd’s, through Lloyd’s Syndicates 1400, 2525 and 2526, underwrites a portfolio of specialty risks including property catastrophe, financial institutions, personal accident, employers’ and public liability, and professional indemnity business.
Max Capital sells specialty insurance and reinsurance products.
Officials said the business Max Capital has agreed to acquire will complement Max Capital’s current operations in Bermuda, Ireland and the U.S.
The acquisition is conditioned on the receipt of various approvals including those from the Financial Services Authority and Lloyd’s. Following completion of the transaction, Imagine Lloyd’s is expected to be re-branded as “Max Lloyd’s Ltd.”
Source: Max Capital
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