Flagstone Re Buying Lloyd’s Marlborough Underwriting Agency

Bermuda-based Flagstone Reinsurance Holdings Limited has entered into an agreement to acquire Marlborough Underwriting Agency Limited, the managing agency for Lloyd’s Syndicate 1861.

The Syndicate underwrites a “specialist portfolio of short tail insurance and reinsurance, from the Berkshire Hathaway Group,” said the bulletin.

The acquisition does not include the existing corporate Lloyds member or any liability for business written in 2008 or prior years. Flagstone noted that it is “in the process of licensing its own corporate capital vehicle which will be the capital provider for Syndicate 1861 for 2009 and subsequent business.”

The transaction is subject to Lloyd’s and UK Financial Services Authority approval.

Mark Byrne, Flagstone Chairman commented: “Marlborough and its team are an excellent fit and an important strategic addition to Flagstone. We are pleased with the existing business plan and are planning only additive changes.

“Having a modern Lloyds platform, with access to both London business and that sourced globally from our network of 13 offices, will allow Flagstone to complete our mission of being a multiline reinsurer and an insurer in selected markets. I am particularly looking forward to working with Tom Bolt, and the senior team all of whom have agreed to stay with Marlborough.”

Bolt, Marlborough’s Managing Director added: “Having Flagstone as a business partner for the Agency and our employees offers excellent prospects for taking the business forward. We are pleased to have the opportunity to become part of a group that shares the approach and values Marlborough has operated under for the past seven years.”

Source: Flagstone Reinsurance Holdings – www.flagstonere.bm

Topics Excess Surplus Underwriting Reinsurance Lloyd's