UK-based specialist insurer Amlin plc announced that its wholly owned subsidiary, Amlin Corporate Services Limited, has agreed and has completed the acquisition of J R Clare Underwriting Agencies Limited (JCUA) from John Clare.
Amlin described JCUA as a “managing general agent which sources approximately £30 million [$47.5 million] of UK household and commercial insurance premium income. Amlin UK will underwrite 100 per cent of JCUA’s business going forward.”
Amlin also noted that 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.” As of the end of December 2009, JCUA had gross assets of £3.2 million [$5 million] including £1.5 million [$2.37 million] of cash held on behalf of insurers.
Amlin said it “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.”
Source: Amlin plc
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