Munich Reinsurance has acquired Bell & Clements
Munich Reinsurance has acquired the Bell & Clements Group. Both parties haveagreed not to disclose the purchase price for this transaction.
Bell & Clements operates primarily as an underwriting manager in the US and the UK. Established in 1983, it has been writing and managing agrowing book of primary insurance business via a network ofselected agents in both these countries. Bell & Clements handlesapproximately $300m of business, which it has written and managed onbehalf of Munich Re Group companies and other insurers for many years. The lines ofbusiness written on behalf of the Munich Re Group are primarily property fire and selectiveshort-tail small commercial packaged business.
Georg Daschner, member of Munich Re's board ofmanagement says: “The acquisition of Bell & Clements is a first response to Munich Re'srecently announced strategy to achieve bottom-line growth. We are leveraging our combinedinsurance and reinsurance capabilities in order to exploit broader business possibilities. This iswhere we achieve substantial synergies.”