The acquisition significantly increases Beazley’s presence as an insurer of mid-sized US commercial property business that does not normally come to Lloyd's. First State plans to underwrite around US$150 million of gross premium for 2009, balancing the specialty lines business (professional and management liability business) that Beazley has been writing locally in the US since 2005.
Beazley Announces Acquisition of First State
Beazley Group, a London-based insurer and reinsurer, announced its acquisition of First State Management Group, Inc., a US underwriting manager specializing in excess and surplus lines commercial property insurance, from the Hartford Financial Services Group, Inc. for cash consideration of US$35.4 million.
Source: Source: Beazley Group | Published on February 16, 2009
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