RenaissanceRe Holdings has entered into an agreement to takeover Spectrum Syndicate Management (Spectrum), a Lloyd’s Managing Agent and a subsidiary of Spectrum Partners. The deal is subject to approval by Lloyd’s and the Financial Services Authority.
As per the agreement, RenaissanceRe has an option to purchase all of the outstanding shares of Spectrum Partners. Upon the completion of the transaction, Mr. Murphy and Kim Fox, CEO of Spectrum, will receive an aggregate of 105,689 and 42,275 common shares of RenaissanceRe, respectively, subject to certain vesting conditions based in part upon continued performance of services to Spectrum.
Neill Currie, President and CEO of RenaissanceRe Holdings, said: “Over the last year we have had the opportunity to work with Spectrum and recognize the value and experience that they bring to RenaissanceRe and our new Lloyd’s Syndicate.”
RenaissanceRe Syndicate 1458 is engaged in underwriting of property and specialty business. Spectrum serves as the managing agent.