US insurer acquires specialty underwriter from Munich Re
Munich Re | October 15, 2018
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 US$133 million) in cash. The property and aviation underwriter operates through Beaufort Underwriting Agency Limited, which underwrites for Lloyd’s Syndicate 318.