7th Sep 2015 20:47
LONDON (Alliance News) - Lloyd's of London insurer Amlin PLC is in advanced talks to be acquired by Japan's Mitsui Sumitomo Insurance Group, according to a report in Nikkei, the Japanese business daily.
Nikkei said the deal is likely to cost Mitsui Sumitomo around USD4.16 billion, the largest deal struck by the Japanese company, which also manages Lloyd's syndicates. Nikkei said an agreement is likely to be reached soon.
Last month, Charles Philipps, the chief executive of Amlin, 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.
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."
http://asia.nikkei.com/Japan-Update/Mitsui-Sumitomo-Insurance-in-talks-to-buy-UK-s-Amlin
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
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