Chedid Capital buys Lloyd’s coverholder
Chedid Capital buys Lloyd’s coverholder | Insurance Business Asia
Insurance News
Chedid Capital buys Lloyd’s coverholder
Transaction a “major milestone” for both camps
Insurance News
By
Terry Gangcuangco
Lebanon-headquartered investment group Chedid Capital has acquired UK-based Lloyd’s coverholder Trilogy Managing General Agents Limited (Trilogy MGA) for an undisclosed sum.
Purchased from Resolution Underwriting Holdings via Chedid Capital subsidiary Chedid Europe Insurance & Reinsurance Brokerage, Trilogy MGA underwrites a wide range of classes through appointed representative Trilogy Underwriting. The managing general agent has been operating since 2013.
“We have been impressed with the people and professionalism of Chedid Capital and are happy with the outcome of the negotiation to buy Trilogy MGA,” Resolution Underwriting chair Christopher Harman said in a release.
“From our conversations, I am confident that this acquisition is a major milestone in the future of Trilogy as well as in Chedid Capital’s expansion in the London market. We would wish Chedid Capital team good fortune for the future.”
Moving forward, the offloaded underwriting business will trade as Milestone Risk Solutions.
“We are very proud of this acquisition and to see our group reinforcing its international presence in the important London market,” Chedid Capital chair and group chief executive Farid Chedid commented.
“An underwriting presence in this marketplace will enable us to align ourselves more closely with the international client base that the group serves and will support the group’s strategic expansion across the continents where we operate.
“Furthermore, this development not only broadens our market reach but extends our capabilities and skill sets to provide comprehensive solutions that meet the evolving needs of our diverse clientele.”
Chedid Capital, subsidiaries of which include Lloyd’s broker Chedid Re, operates across Europe, Middle East, Africa, and South Asia.
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