The Imagine Group yesterday completed the acquisition of a two-thirds equity interest in Greenwich Managing Agency, a managing agency of Lloyd's of London.

The agency will be renamed Imagine Underwriting Limited to reflect the change of control. In addition, Imagine increased its participation in the agency's Syndicate 994 to 100 percent for the year 2004 (a commitment of approximately ?20 million) and received approval from Lloyd's for the Syndicate's new business plan, allowing it to underwrite specialty coverages consistent with Imagine's businesses.

Imagine president and CEO Brad Huntington said: "Our goal is to be a pre-eminent specialty reinsurance and insurance group. The completion of this significant acquisition is the result of the successful execution of a consistent strategy and focus. In addition, to this acquisition, we have completed a number of other significant initiatives which will expand our business and solidify our position as a market leader."

The Greenwich deal is the latest in a series of expansions by Imagine. These include:

PMA Capital Corporation reached a definitive agreement with Imagine, which allows Imagine to actively novate and renew all of PMA existing finite business to Imagine. The portfolio includes an in-force value of $333 million at November 1, 2003.

Imagine incorporated Pillar Insurance Company Limited in Gibraltar and received regulatory approval to write direct business under a number of classes of business in all 15 European Union countries.

The Imagine Group recently opened an office in Sydney to service the Australian market, under the name Imagine Group (Australia) Pty. Ltd, a licensed foreign insurance agent under Australian regulations. Gained Approval for New Barbados Segregated Cell Company (SCC)

The government of Barbados approved the commencement of operations of Imagine Reinsurance SCC. The new company will assist clients in protecting their insurance assets and liabilities in a protected cell structure.