The Bermuda-based Catlin Group announced this morning it has agreed to acquire Wellington Underwriting Plc for an estimated $1.2 billion to create the largest underwriting operation within Lloyd's.
The acquisition will create a property-casualty insurer with gross premiums of about $2.4 billion annually and market capitalization of about $2.5 billion.
"Catlin will become the largest underwriting operation in Lloyd's, a leading player in Bermuda and will have a strong platform to accelerate its development of U.S. business," the Bermuda carrier said in a statement.
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