Kiln has acquired Belmarine Insurers for approximately...
Kiln has today agreed to acquire Belmarine Insurers for approximately €9.45m including a deferred element estimated to be €1.08m. The consideration will be paid 90% in cash and 10% in Kiln plc ordinary shares.
Belmarine, based in Liege, is the second largest marine underwriting unit in Belgium; it specialises in cargo policies and blue and brown water hull. The company's founding directors - Jean Pierre Gerard and Jacques Cobus -will continue as directors of Belmarine.
Commenting on the deal, Kiln chief executive Edward Creasy said: “We are delighted to be joining forces with Belmarine and this will benefit shareholders as we expand our distribution channels. The company has a strong reputation locally with values and working practices similar to our own. In time we will deliver improved service to clients by strengthening Belmarine's servicing capability and introducing enhancements to its underwriting range.'
