NU Online News Service, Dec. 01, 2:06 p.m. EST
ProSight Specialty Insurance has completed its purchase of Lloyd's coverholder TSM Agencies Ltd. and has hired the former chief executive of Argo International to lead the new enterprise.
According to a statement from ProSight, the new entity will be named ProSight Specialty Underwriters Ltd. and it will be led by former Argo International chief executive Julian Enoizi, who was also president.
Before Argo, Enoizi was president and CEO of CNA Europe and has held senior executive roles with AIG Europe and Chubb Insurance Co. of Europe.
ProSight's buy includes the capacity rights to TSM Lloyd's Syndicate 1110.
TSM specializes in the engineering and power business.
ProSight global CEO Joseph Beneducci says membership in the Lloyd's community “affords us exceptional global flexibility and the benefits of Lloyd's strong rating and reputation.”
When the deal was announced in September, a spokesman for ProSight, founded by Beneducci in 2009, takes an “opportunistic approach” to providing very specialized coverage to niche markets where it has differentiated underwriting and claims expertise.
The mindset extends to the company's distributors. It only uses a limited amount of distributors for specific risks.
Also in September, ProSight announced a partnership with program-administrator Tangram Insurance Services for its non-profit workers' compensation program.
About a year ago ProSight completed the acquisition of NYMagic Inc., an insurance holding company whose property and casualty insurance subsidiaries specialized in underwriting ocean marine, inland marine and non-marine liability insurance.
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