Mitsui Sumitomo acquires Lloyd’s of London insurer Amlin for GBP3.4bn
Japan-based MS&AD Insurance Group Holdings wholly-owned subsidiary Mitsui Sumitomo Insurance (MSI) has completed the acquisition of Lloyd’s of London insurer Amlin, for around £3.4bn ($4.89bn).
The deal was first announced by both the firms in last September.
As part of the deal, Amlin was rebranded as MS Amlin, which will manage the operations of its subsidiaries and affiliates.
MS Amlin, which will be managed by Charles Philipps, will also work with MSI to expand the international businesses of the MS&AD Insurance Group.
Amlin is an independent insurer, which is specialized in providing insurance cover to commercial enterprises and reinsurance protection to other insurance firms across the globe.
The firm underwrites around 30 classes of business through three underwriting platforms, including Syndicate 2001 at Lloyd's, Amlin, Switzerland and Amlin Europe, The Netherlands.
Amlin provides property and casualty insurance services and policies for the marine and aviation industries.
In January, Amlin completed the cross-border merger of two of its insurance company subsidiaries, Amlin Europe and Amlin Insurance (UK).
The combined company known as Amlin Insurance carries out operations in the Netherlands, Belgium, France and Germany.
MS&AD includes five business domains, comprising of omestic life insurance business, domestic non life insurance business, financial services business, international business and risk-related services business.
Image: Amlin provides insurance cover to commercial enterprises and reinsurance protection to other insurance firms across the globe. Photo: courtesy of Stuart Miles / FreeDigitalPhotos.net.