Cincinnati Financial Corporation has completed its previously announced acquisition of MSP Underwriting Limited from reinsurer Munich Re for £102 million.
Following the transaction, MSP Underwriting will become a wholly owned subsidiary of Cincinnati Financial, continuing to operate under its existing leadership team.
Based in London, MSP Underwriting operates through Beaufort Underwriting Agency Limited, which underwrites for Lloyd’s Syndicate 318.
The Syndicate wrote approximately £182 million in 2018 annual gross written premiums.
“The team at Beaufort are respected Lloyd’s underwriters, and we are pleased to have them join the Cincinnati family,” said Steven J. Johnston, President and Chief Executive Officer of Cincinnati Financial.
“Their underwriting philosophy and business culture mirror our own,” he continued. “I look forward to working with them to build plans for a future that will benefit our associates, agents, clients and shareholders over the long term.”
Derek Eales, Director at MSP Underwriting Ltd., also commented: “We are delighted to be joining Cincinnati Financial at this time. We look forward to making our contribution to the continued success of the group and all its stakeholders.”