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Beazley Announces Acquisition of First State

Source: Beazley Group

Posted on 16 Feb 2009

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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.

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.