Amlin acquires AFU
Amlin plc has announced that one of its wholly owned subsidiaries is to acquire the holding company of Anglo-French Underwriters SAS (AFU), Financière Europe Assurance (FEA).
The vendors, members of AFU management, are 21 Centrale Partners (the French branch of the 21 Group).
Paris-based AFU was established 70 years ago, and is Lloyd’s largest French coverholder, employing 40 and operating through a network of 1,300 independent brokers.
The firm is a specialist in SME business and underwrites for a broad range of business, and expects to handle gross written premium totalling around €40m this year.
AFU’s chairman, Francois Martinache, explained that the firm had worked with Amlin for many years, and over that time developed a respect for their underwriting expertise.
Amlin’s chief executive, Charles Philipps, described the acquisition of AFU as a great opportunity, praising the firm’s track record and quality management team.
Philipps went on to add that AFU was a perfect strategic fit for Amlin, as well as providing a platform for further expansion both into France and the rest of Europe.
The deal still requires the green light from the FSA and Lloyd’s, and is expected to go through before the end of the year.
Category: Insurance News
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