Mike Pritchard has completed a management buyout of Ensign Managing Agency, with the right to manage MSF Pritchard Syndicate 318. The company has been renamed Beaufort Underwriting Agency
Mike Pritchard has completed a management buy-out of Ensign Managing Agency, with the right to manage MSF Pritchard Syndicate 318. The company has been renamed Beaufort Underwriting Agency.
Ensign was established in 2000 to facilitate the management buyout of Syndicate 980 (Ensign Motor Policies) and subsequently acquired the right to manage Syndicate 318 in November 2001.
Beaufort said following the completion of the acquisition, which had resulted in the transfer of management of Syndicate 980 to Limit underwriting, it would act as managing agent for Syndicate 318 only.
The acquisition includes Evergreen Underwriting Services, which has underwritten UK property and liability business on behalf of Syndicate 318 since 1996.
Pritchard, the active underwriter for the Syndicate, said: “We have enjoyed an excellent relationship with the managing agency since transferring in 2001, and we look forward to developing this, and also the Syndicate's strong presence in the Lloyd's Market for the continuing benefit of our capital providers, brokers and policy holders alike.
“Our message is very much one of business as usual.”
Syndicate 318 recently announced a profit on the 2001 year of account, after personal expenses, of 3.6%, and an unchanged mid-point profit forecast for the 2002 year of account of 11%.
The syndicate said it expected the 2003 year of account to produce a profit.
