Canopius Group has completed its acquisition of KGM Underwriting Agencies, which manages one of only two Lloyd’s syndicates dedicated to writing motor business.
Syndicate 260 will write approximately £50 million of premiums for the 2010 year of account and the transaction gives Canopius approximately 60% of capacity.
The KGM name will remain and the syndicate will operate alongside Canopius’s existing Syndicate 4444.
Canopius already has a significant involvement in UK retail insurance through its UK household business and majority ownership of SME specialist, Arista.
The independently-owned underwriter’s chairman, Michael Watson, says the acquisition “complements and diversifies” the group’s existing underwriting portfolio, while at the same time building its specialist capabilities.
KGM chief executive, Colin Hart, adds: “KGM and Canopius will provide each other with development opportunities, which is excellent news … this is the start of a very exciting new chapter in the illustrious history of Syndicate 260.”
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