Everest acquisition of ProSight’s Lloyd’s business falters

Everest Re’s talks to purchase ProSight’s Lloyd’s operation have faltered due to regulatory pressure from Lloyd’s. It has been reported that the decision by Lloyd’s to watch ProSight more carefully comes after ProSight removed more than £200mn worth of US business from the syndicate. KPMG are understood to have been brought in to audit ProSight and give Lloyd’s conformation that everything is fit and proper. Everest were believed to be in talks with ProSight to buy its Lloyd’s business which is up for sale but with Everest’s exit it has been speculated that a more conventional process will take place to sell the entity. A number of other organisations are believed to have shown an interest, confirming to ProSight their intention to join any process. Acquisitions in the Lloyd’s market remain strong with Hannover Re’s recent big-money purchase of Argenta showing the appeal of a owning a syndicate.