Canopius acquires Lloyd’s motor insurer KGM
Private equity-backed Lloyd's insurer Canopius has paid an undisclosed fee to take over motor underwriter KGM.
KGM is a mono-line motor insurer focused on the UK specialist personal lines market, which expects to write around £50mn of premiums for the 2010 year of account.
Canopius will acquire the business of KGM's managing agency and approximately 60 percent of Syndicate 260's capacity from the Gibraltar-based Perseverance Ltd.
The move comes while the UK motor market is in turmoil after years of...
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