Max Capital to buy Imagine Lloyd's

HAMILTON, Bermuda—Max Capital Group Ltd. on Friday said it has an agreement to acquire Lloyd's of London insurance company Imagine Group (UK) Ltd., which does business as Imagine Lloyd’s, from Imagine Insurance Co. Ltd. The cost is "expected to be approximately" £11 million ($21.9 million) paid in cash derived from ongoing operations, according to Hamilton, Bermuda-based Max Capital, and includes the acquisition of Imagine Lloyd's operations in Denmark and Japan. Max Capital said in a statement that it will replace letters of credit totaling approximately £90 million ($179.4 million) that an affiliate of Imagine has provided to fund Imagine Lloyd's syndicate commitments. The acquisition must be approved by the Financial Services Authority and Lloyd's. London-based Imagine Lloyd’s, through Lloyd's syndicates 1400, 2525 and... [read full story]