PROSIGHT SPECIALTY TO BUY 100% OF LLOYD’S SYNDICATE 1110

Specialty non-life insurer ProSight Specialty is to buy specialist engineering underwriting agency TSM Agencies Ltd and 100% of the rights to Lloyd’s Syndicate 1110. Atlanta-based ProSight, founded in 2009 and backed by Goldman Sachs affiliates and private equity operation TPG (formerly Texas Pacific Group), focuses “on niche markets where it has differentiated underwriting and claims expertise”. Syndicate 1110 writes insurance for engineering projects. It was launched in January last year with the backing of the Electrical Contractors Association and is managed by Argenta Syndicate Management. Last year it had a capacity of £53m ($83.5m), with TSM Agencies founder Neil Fitzgerald as active underwriter ( IIN 24, January 21 2010). ProSight was founded in 2009 by Joe Beneducci, formerly with fireman’s Fund and Chubb. Last year ProSight bought NYMagic, the US marine insurer, for about $224m. The TSM Agencies deal is expected to close in Q4.