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TMA agrees on syndicate buyout.
(From Reinsurance)
The management team of Trenwick Managing Agents (TMA) has agreed on a management buyout with owners Trenwick Group for the company's two Lloyd's syndicates.
The deal was revealed exactly three months after Trenwick Group announced that it was allowing the management of TMA to seek an alternative source of capital for syndicate 839 and life syndicate 44.
Private equity fund Englefield Capital will now have the majority stake in the syndicates, with the TMA management group, led by chief executive Michael Watson, possessing a significant segment. The deal is now subject to contract.
The management group is hoping to acquire the business with effect from the 2004 ...
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