Byrne & Stacey buy-out follows Gerling move
Sagicor Syndicate Holdings, a subsidiary of Sagicor Financial Corporation, has completed the acquisition of 100% of the share capital of Byrne & Stacey Underwriting.
Sagicor recently acquired the Gerling at Lloyd’s Group, now Sagicor at Lloyds, which has been the principal capital provider of BSU since BSU started in 2000.
Gary Ross, COO of Sagicor At Lloyd’s, said:“We are delighted with this acquisition. BSU have been an important client of Gerling for the last 7 years. Through this purchase we not only secure the underwriting of the BSU book of business, but it also gives us an opportunity to develop other product lines to distribute through BSU’s 800 plus Broker’s. Paul Byrne and his team will continue to operate the business from their Cheshunt base and we are all excited at the opportunities that lie ahead.”
Paul Byrne of BSU said: “The Directors of BSU have worked exceptionally hard over the last 7 years to build a solid and profitable business and now is the right time for a larger entity to take control and take it to the next level.
"The team at Sagicor at Lloyds has many years experience in the London Market and I am looking forward to joining the Sagicor management team and taking responsibility for the development of the Group as a serious proposition in the European Market Place
"We will be looking to introduce new product lines for the regional market for distribution through the web technology developed by BSU technology."
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