8th Sep 2015 05:40
LONDON (Alliance News) - Japanese insurer Mitsui Sumitomo Insurance Group on Tuesday confirmed it has entered into talks to acquire FTSE 250 specialty insurer and reinsurer Amlin PLC.
Mitsui Sumitomo, in a short statement, confirmed it was holding talks but said nothing has yet been decided upon and a deal is not a certainty.
The confirmation comes following a report in Nikkei on Monday which said the pair were in advanced talks and which said Mitsui Sumitomo may pay around USD4.16 billion to acquire Amlin.
The talks come after Charles Philipps, the chief executive of Amlin, last month was forced to deny the company was up for sale following a report in The Insurance Times magazine in late July which suggested Amlin would be open to a USD5 billion offer. Amlin's current market capitalisation in London is GBP2.4 billion.
Speaking to journalists following the company's interim results announcement, Philipps said: "We do not see an urgent need to partner our team up with anybody else. We are not for sale. We are not running a sale process."
By Sam Unsted; [email protected]; @SamUAtAlliance
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