Beazley Group plc, Lloyd's syndicates, announced it has acquired London-based Momentum Underwriting Management Limited, a personal accident and life underwriting management agency, in a transaction worth up to $37.5 million.
MUM, which began operations in 2000, also has an office in Australia and is led by founders Christopher Branch, Martin Power, Marc Frost and Mark Edwards, Beazley said.
MUM plans to underwrite around $100 million of gross premium for 2009, and Beazley said its support gives MUM new growth opportunities.
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