The UK’s Amlin plc has acquired Allied Cedar Insurance Group Ltd, the holding company of Allied Underwriting Agencies Ltd. and Cedar Insurance Company Ltd. Allied Cedar had gross assets of 拢5.2 million ($10.4 million) million as of Dec.31, 2006.
Amlin’s bulletin noted that the sellers “are direct and family interests of its Directors and staff, principally those of Messrs. Court, Donald, Mitchell and Porter.”
Amlin plans to integrate the businesses into Amlin Insurance Services, the UK Commercial division of the Amlin group.
Brian Carpenter, Amlin plc board member and Divisional Underwriter of the UK Commercial division said: “This acquisition increases our UK property account in line with our strategic plan and gives us an opportunity to develop additional SME business, as well as accessing new distribution channels”.
Topics Mergers & Acquisitions
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