Negotiations are under way between Thomas Miller Specialty and Navigators Management (UK) Limited over a possible deal for the latter’s fixed-premium protection and indemnity (P&I) business.
Thomas Miller issued a release announcing that it was in “exclusive discussions” with the firm over a possible acquisition – with the specialist insurer anticipating that a transfer would be completed well in advance of February 20, 2018, subject to regulatory approval.
“This is a logical and progressive step for Thomas Miller Specialty, enabling us to create scale in a competitive market, while focusing on the specific and complex servicing needs of clients,” said Guy Pierpoint, chief executive officer, Thomas Miller Specialty.
According to Colin Sprott, chief underwriting officer of international insurance for Navigators, the deal would be a “mutually beneficial transaction.”
“Thomas Miller Specialty shares Navigators’ commitment to high-quality customer service, making them an excellent choice to support the much-needed process of consolidation in the protection and indemnity market,” he explained. “We remain committed to this market, demonstrated by the fact that we will continue to provide underwriting capacity to Thomas Miller Specialty.”
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