Acquisition follows Kiln board's recommendation to proceed with Tokio Marine deal
R J Kiln & Co Limited (Kiln) today announced the acquisition of International Marine (Underwriting Agency) Limited, adding to its international network of marine cargo specialist businesses.
The International Marine (Underwriting Agency) Limited Group (IMUA), which has offices in London, Manchester, Leeds and Singapore, specialises in marine business.
Kiln and IMUA have been closely associated with each other for five years and in 2006 established a joint venture company in Singapore, called Kiln Marine Singapore.
IMUA became a 33% associated company of Kiln in 2005 and since October 2006 the entire group has underwritten business exclusively on behalf of Kiln Syndicate 510. Kiln today announced that it has acquired 100% of IMUA, which will become part of Kiln Group.
The acquisition is part of Kiln’s ongoing distribution strategy to provide underwriting capability closer to its business producers, especially in markets and in respect of product lines where access to Lloyd’s is limited.
R J Kiln & Co Limited chief executive officer, Charles Franks, said: “This acquisition will bring great operational advantages to Kiln. IMUA is a well managed, profitable business and I am delighted to welcome the team into the Kiln Group. By taking full ownership of this strong, successful business we are increasing our reach in local markets. This gives us the opportunity to distribute a wider range of products, which means excellent service to our customers locally, and allows us to continue to increase our presence internationally in our chosen markets.”
The Kiln board recently accepted a takeover bid from Japanese insurer Tokio Marine, and have recommended the offer to shareholders.
