3rd Jul 2007 07:00
Amlin Acquires Allied Cedar Insurance Group Amlin plc ("Amlin") announces that it has acquired Allied Cedar Insurance GroupLtd, the holding company of Allied Underwriting Agencies Ltd and Cedar InsuranceCompany Ltd. Allied Cedar had gross assets of £5.2 million as at 31 December2006. The vendors are direct and family interests of its Directors and staff,principally those of Messrs Court, Donald, Mitchell and Porter. The businesses will be integrated into Amlin Insurance Services, the UKCommercial division of the Amlin group. Brian Carpenter, Amlin plc board memberand Divisional Underwriter of the UK Commercial division said: "This acquisitionincreases our UK property account in line with our strategic plan and gives usan opportunity to develop additional SME business, as well as accessing newdistribution channels". Enquiries: \* THannah Bale 020 7746 1118----------------------------------------- -----------------------------------------Group Communications, Amlin plc----------------------------------------- -----------------------------------------\* T Notes for editors Amlin plc is a recognised leader in the London insurance and reinsurance market,providing a global client base with risk management solutions. Amlin specialisesin four business areas: Aviation; Marine; UK commercial; and Internationalproperty and casualty insurance and reinsurance. A FTSE-250 quoted company Amlinowns 100% of its £1bn capacity for 2007, which is written through Lloyd'sSyndicate 2001. Amlin's Syndicate is rated 'A' (Excellent) by AM Best and 'A1'(Stable) by Moody's. In November 2005, the company established Amlin Bermuda, a reinsurance businesscapitalised at US$1 billion and rated A- (Excellent) by A.M. Best and A byStandard & Poor's. Allied Cedar is the holding company for a general insurance underwritingoperation based in the City of London and Norwich. It has been established foralmost 60 years and has been under its present ownership for over 20 years. Ithas two trading subsidiaries, Allied Underwriting Agencies Limited, whichunderwrites a direct UK property account through delegated authorities, andCedar Insurance Company Limited, a UK insurance company. Copyright Business Wire 2007Related Shares:
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