Amlin PLC
7 March 2000
AMLIN PLC
SALE OF MEMBER'S AGENCY TO CBS INSURANCE HOLDINGS PLC FOR £6.2 MILLION
COMPLETED
Amlin plc ('Amlin') has today completed the sale of its members' agency
business Amlin Private Capital Limited and associated companies (Murray
Lawrence Members Agency Limited, Murray Lawrence (Underwriting Agents)
Limited, SBW Insurance Research Limited, BMA Members Agency Limited, Onahau
Limited and Stace Barr Holdings Limited) to CBS for a cash consideration of
£6.2 million.
The consideration payable is net of dividends paid by the members agencies,
before completion, of approximately £0.9 million and represents a goodwill
premium of £2.5 million to adjusted net assets at completion. Amlin retains
the right to receive the profit commission receivable in respect of its
member's agency activities up to and including the 2000 year of account. In
the year to 31 December 1999 the members' agency business contributed pre tax
profits of £1.1 million to the Amlin Group.
The proceeds of sale will be used to develop Amlin's core underwriting
businesses.
Enquiries :
Amlin plc Charles Philipps, Chief Executive 0171 860 8222
Richard Hextall, Finance Director 0171 860 8916
Haggie Financial Ltd David Haggie 0171 417 8989
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