ProSight Specialty Insurance Holdings, a specialty P&C insurance company, has agreed to acquire Lloyd's Coverholder TSM Agencies (TSM) and 100% of the capacity rights to Lloyd's Syndicate 1110.
Founded in 2009, ProSight Specialty Insurance focuses on niche markets where it has differentiated underwriting and claims expertise and partners exclusively with specialist distributors who have a deep understanding of their customers.
This acquisition will enable ProSight to provide global solutions to its US customers and distributors as well as expand its unique business model to global markets.
The acquisition of TSM will also add specialist Engineering & Power expertise to ProSight’s existing underwriting capabilities.
ProSight Specialty Insurance founder and CEO Joe Beneducci said acquiring a Lloyd’s presence is the first step in the expansion of our unique business model on the global stage.
The acquisition is subject to customary regulatory approvals from the UK Financial Services Authority and from Lloyd’s and is expected to close in the fourth Quarter of 2011.