6th Feb 2017 09:11
LONDON (Alliance News) - Specialist insurer Beazley PLC said Monday it has agreed to acquire Canadian firm Creechurch Underwriters.
FTSE 250-listed Beazley said the acquisition will strengthen its specialty lines presence in Canada. Beazley noted that in 2016 Creechurch generated CAD36.0 million in premiums, but no financial details of the acquisition were disclosed.
Creechurch will remain based in its existing offices in Toronto, Vancouver and Montreal, and be led by current chief executive Phil Baker, reporting to Gerard Bloom, Beazley's head of international financial lines. The firm specialises in tailored insurance for small businesses.
"Canada has a developed insurance market well suited to the specialist liability products that we offer. Last year we launched our market leading data breach product, Beazley Breach Response, in Canada and we see significant growth opportunities across our product range," said Adrian Cox, head of specialty lines at Beazley.
Shares in Beazley were up 0.5% at 437.20 pence Monday, having risen 8.9% on Friday last week on the back of strong 2016 results.
By Adam Clark; [email protected]
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