Kiln has purchased an Asian reinsurer for an estimated $2.37m. Of the total consideration, $1.25m will be deferred over the earnout period of five years.
Kiln has acquired International Reinsurance Services (IRS) for the benefit of Names on Syndicate 510. IRS is set to be renamed Kiln Asia and the Hong-Kong based underwriter's founder and chief executive officer, Tony Weinert-Aplin, will become Kiln Asia's regional director of business development.
Edward Creasy, Kiln's chief executive officer said: “This is an exciting step forward for Kiln. Asia has long been a key market for us, and the formation of Kiln Asia in Hong Kong will give us access to a range of profitable regional business that does not currently come to London.”
