London-based insurer Beazley Group has acquired First State, a surplus lines underwriter manager of commercial property risk, from the Hartford Financial Services Group.
Beazley said in mid-February that it was acquiring the unit for a total of $35.4 million in cash.
The transaction does not include First State's specialty and health care programs. Those programs will remain with Hartford. The Hartford, Conn.-based firm said it was shedding a non-core operation with the sale.
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