Acquisition

RNS Number : 0828A

Amlin PLC

26 January 2011

 



AMLIN PLC

PRESS RELEASE

For immediate release

26 January 2011

Amlin acquires J R Clare Underwriting Agencies Limited

Amlin plc announces that its wholly owned subsidiary, Amlin Corporate Services Limited, has agreed and completed the acquisition of J R Clare Underwriting Agencies Limited ("JCUA") from Mr John Clare.

JCUA is a managing general agent which sources approximately £30 million of UK household and commercial insurance premium income. Amlin UK will underwrite 100 per cent of JCUA's business going forward.

JCUA has been successfully sourcing business for London Market underwriters since 1999. However, it has recently lacked sufficient capital to continue to fund its operations and satisfy the FSA's solvency requirements.  Amlin has been in close contact with the FSA through the course of the transaction and the change of control has been approved by the FSA.  At 31 December 2009, JCUA had gross assets of £3.2 million including £1.5 million of cash held on behalf of insurers.

Amlin believes that its acquisition of JCUA will add attractive new business in an area where premium pricing is rising and will be in the interests of JCUA's employees, policyholders and creditors.

ENDS

Enquiries:
Hannah Bale, Head of Communications, Amlin plc	020 7746 1118
John Waples,  MD, Financial Dynamics	020 7269 7792

Notes to Editors:

Amlin plc is a leading independent insurance group operating in the Lloyd's market through Amlin London and additionally in the UK, Continental European and Bermudian markets. We specialise in providing insurance cover to commercial enterprises across a broad range of risks including aviation, marine and international property & casualty. We also provide reinsurance protection to other insurance companies around the world.

A FTSE-250 quoted company domiciled in the UK, Amlin's Syndicate 2001 is highly rated at 'A+' (Excellent) by AM Best and 'A1' (Stable) by Moody's.

 

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