Bermuda-based Max Capital Group Ltd. announced last night that it entered into an agreement to acquire Imagine Group (UK) Limited ("Imagine Lloyd's"), a Lloyd's insurance operation, from Imagine Insurance Company Limited ("Imagine").
In addition to paying roughly ?11 million ($22 million) in cash, Max Capital said it will replace letters of credit totaling approximately ?90 million ($179 million) that an affiliate of Imagine has provided to fund Imagine Lloyd's syndicate commitments.
Imagine Lloyd's is part of Imagine Group Holdings, a Bermuda-based holding company conducting specialty insurance and reinsurance activities through insurance and reinsurance entities in Barbados, Ireland and Lloyd's.
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