Thomas Miller Specialty has purchased Lodestar Marine Insurance’s book of fixed premium insurance.

The UK insurance management company has been on a consolidation drive in the fixed premium market, having already purchased Hanseatic Underwriters, Osprey Underwriting Agency and Navigators in recent years.

In a statement, Danielle Champion, chief executive at Thomas Miller Specialty, said: “The purchase of Lodestar’s book is a logical, strategic fit for us and creates further scale in an increasingly competitive market. It will further enhance our service offering to our fixed premium P&I customers.”

Chairman Hugo Wynn-Williams said the company is committed to consolidating its fixed premium and protection and indemnity offering, as well as building up its business as a managing general agent.

Lodestar said it will cease to write new business, or renew any business, following the transaction.

The London-based outfit has been going through a period of change recently. The RSA Group dropped its capital support for Lodestar last year but the Aspen insurance group then stepped in to take its place.

Only underwriter Vicky Clarke will move over from Lodestar to Thomas Miller.

"We will be working with Thomas Miller Specialty to ensure a smooth transition for 2020 renewals," Lodestar said.

"Thomas Miller Specialty is widely recognised as a market leading global insurance provider across a number of sectors and is one of the oldest dedicated providers of worldwide fixed premium protection and indemnity insurance."

Eric Martin contributed to this article