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Lloyd's of London insurer Beazley Group has bought Momentum Underwriting Management, for up to £20.3 million

The acquirer will pay £8.1 million on completion and further payments of up to £12.2 million in instalments between 2012 and 2014. The deferred payments are subject to the profitability of the business up to 2011.

Momentum, a specialist personal accident and life underwriting management agency, plans to underwrite around £54.3 million of gross premium for next year. The company said the deal will give it new growth opportunities.

Beazley Group is a London-based parent company of global, specialist insurance businesses with operations in the UK, US, France, Singapore and Hong Kong. Beazley manages two Lloyd's syndicates with aggregate underwriting capacity of £814 million this year.

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