Cincinnati Financial To Acquire MSP Underwriting Limited - Quick Facts

(RTTNews) - Cincinnati Financial Corp. (CINF) announced a definitive agreement to acquire MSP Underwriting Limited, a global specialty underwriter and Munich Re subsidiary, in an all-cash transaction for 102 million pounds. As a wholly owned subsidiary of Cincinnati Financial, MSP Underwriting will continue to operate under its own brand and with its existing leadership team.

Cincinnati expects the acquisition to generate an attractive return over time. Based on current assumptions, the company expects the acquisition to be accretive to 2019 net income.

Based in London, MSP Underwriting operates through Beaufort Underwriting Agency Limited, which underwrites for Lloyd's Syndicate 318. The Syndicate wrote approximately 153 million pounds in 2017 annual gross written premiums.