Amlin to Acquire Crowe Livestock
Amlin to Acquire Crowe Livestock
Amlin Plc
AMLIN TO ACQUIRE CROWE LIVESTOCK
Amlin plc (“Amlinâ€) announces that a wholly owned subsidiary has entered into a heads of agreement to acquire Crowe Livestock Underwriting Limited (“Croweâ€). The transaction remains subject to the approval of the Financial Services Authority.
Established in 1996, Crowe is a leading and internationally recognised coverholder which provides specialist insurance to the livestock industry. Based in Norfolk with 16 employees, Crowe operates through a network of brokers and managing general agents across 45 countries and underwrites a diverse book of livestock business including poultry, cattle and aquatics. In the current financial year Crowe expects to handle approximately £10 million of gross written premium.
Amlin has a clear strategy of diversifying its underwriting portfolio further into a broader range of commercial insurance in order to balance its catastrophe book. Entry into the livestock insurance market illustrates Amlin’s continuing focus on diversification and improving its distribution capabilities, while building long term profitability for the Group.
Charles Philipps, Amlin Chief Executive commented: “The acquisition of Crowe will be a tremendous opportunity for Amlin to build on its well regarded bloodstock book by entering the livestock class. Crowe is an acknowledged leader in its field, with a proven management team and the specialist underwriting knowledge to enable Amlin to develop this business in the futureâ€.
Emma Stamper, Managing Director of Crowe, said: “This will be an exciting milestone for our company and we look forward to taking the business to the next stage of its development as part of Amlin. We believe that this partnership will give Crowe an ideal opportunity to further enhance its current product offering and geographical reach, providing a strong platform for future growthâ€.
Crowe is a Lloyd’s coverholder, authorised and regulated by the Financial Services Authority. Following the acquisition, the consideration for which will be satisfied in cash, Amlin will own 100% of the issued share capital of Crowe.
| Enquiries: | Â | Â |
| Hannah Bale, Head of Communications, Amlin plc | 020 7746 1118 | |
| Emma Stamper, Managing Director, Crowe Livestock Underwriting Limited | 01842 890 733 |
Notes to Editors:
Amlin plc is a leading independent insurer operating in the Lloyd’s, 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, Amlin owns 100% of its £825m Lloyd’s capacity for 2009, wholly written through Syndicate 2001. Syndicate 2001 is highly rated at ‘A+’ (Excellent) by AM Best and ‘A1’ (Stable) by Moody’s.
In 2005, the company established Amlin Bermuda Ltd as a reinsurance business capitalised at US$1 billion and it is similarly highly rated at ‘A’ (Excellent) by A.M. Best and ‘A’ by Standard & Poor’s. Amlin also set up operations in Singapore (2007) and in Illinois, USA (2008) to service regional and local clients and acquired Anglo French Underwriters, the largest Lloyd’s coverholder in France in November 2008.
In July 2009, Amlin acquired Fortis Corporate Insurance NV (now renamed Amlin Corporate Insurance), a leading provider of corporate property and casualty insurance in the Netherlands and Belgium.
Crowe Livestock Underwriting was established in 1996 by Emma Stamper to carry on the development of the specialist underwriting account that she had built up while working in the Lloyd’s market for over 20 years. Crowe is a recognised international leader in the livestock sector with strong brand recognition and well established credentials on setting animal welfare standards. Crowe has strong relationships with a wide range of clients and producers, using binding authorities as well as facultative policies to access risks. The company underwrites a diverse book of livestock business worldwide using individually tailored insurance solutions to meet the needs of its clients. The current shareholders of Crowe are certain members of Crowe’s board of directors. Crowe had gross assets of £1.9 million as at 31 May 2009.
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