London-based MSP Underwriting Limited will no longer be a Munich Re subsidiary, as the global specialty underwriter finds itself sold to US insurer Cincinnati Financial Corporation.
Based on MSP Underwriting’s projected net asset value at closing, the Ohio-headquartered firm has agreed to acquire the Munich Re unit for £102 million (around AU$188 million) in cash. The property and aviation underwriter operates through Beaufort Underwriting Agency Limited, which underwrites for Lloyd’s Syndicate 318.
You've reached your limit - Register for free now for unlimited access
To read the full story, and get unlimited access to Insurance Business website content, just register for free now. GET STARTED HERE
Already a website member? Log in below.