Sphere Drake Holdings Ltd. has completed the sale of Groves, John & Westrup (Underwriting) Ltd., the insurance company said yesterday.

Groves, John & Westrup is Sphere Drake's Liverpool-based yacht and cargo underwriting agency. The buyer was a Lloyd's of London syndicate managed by Cox Insurance Holdings Plc.

The move is part of Sphere Drake's plan to focus on fewer lines of business.

In November, Sphere Drake, which has Bermuda and London subsidiaries, said it would take a $15 charge spread over three quarters and reduce staff from 450 to 300 as part of the restructuring to focus on reinsurance and specialty insurance business.