Cincinnati Financial has concluded the acquisition of MSP Underwriting from German reinsurer major Munich Re in a cash transaction valued at approximately £102m.

The transaction, which was originally announced in October, last year, concluded after securing regulatory approvals and satisfying other conditions.

MSP, which is based in London, was operating as a specialty underwriter through Beaufort Underwriting Agency, which underwrites for Lloyd’s Syndicate 318.

Now, the acquired entity will become a wholly-owned subsidiary of Cincinnati Financial. However, MSP will continue to operate with its existing leadership team.

Cincinnati Financial president and CEO Steven Johnston said: “The team at Beaufort are respected Lloyd’s underwriters, and we are pleased to have them join the Cincinnati family.

“Their underwriting philosophy and business culture mirror our own. I look forward to working with them to build plans for a future that will benefit our associates, agents, clients and shareholders over the long term.”

MSP Underwriting director Derek Eales stated: “We are delighted to be joining Cincinnati Financial at this time. We look forward to making our contribution to the continued success of the group and all its stakeholders.”

Cincinnati Financial provides business, home and auto insurance through The Cincinnati Insurance Company and its two standard market property casualty companies.