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Daily Insurance Industry News
Sunday 26th of May 2019
December 14, 2007

Kiln Board Accept Bid From Tokio Marine

by Stewart Douglas

Story link: Kiln Board Accept Bid From Tokio Marine

Targeted Lloyd’s insurer Kiln has today announced it is to recommend to its shareholders and approach by Tokio Marine & Nichido Fire Insurance in a bid worth around 150p per equity share, following a selection process of several other tabled and speculative approached for the business.

According to statements released today TMNFI have made a bid worth slightly over £442 million, which has been accepted by the board of directors and is to be put before shareholders at an extraordinary general meeting for majority approval.

If the bid is accepted by a majority of members, the move will proceed, and will see an equity sale to TMNFI within the next few weeks as desired, following satisfaction of all other legal and regulatory requirements.

Tokio Marin have today said they are delighted to have had the offer for Kiln accepted, suggesting that it plays a key part in their intentions for future expansion, which will see them develop overseas business over the coming years.

“Tokio Marine has a high regard for the management and underwriting teams within Kiln and values highly the culture that has made Kiln the successful business that it is. It is Tokio Marine’s intention, therefore, to retain the culture, identity and brand of Kiln.”

Meanwhile chief executive of Kiln Ed Creasy was also said to be happy with the deal, suggesting it provided a good value proposition for all those involved and interested in the fortunes of Kiln.

“The Kiln Board believes the Acquisition represents an excellent outcome for Kiln, its shareholders, and employees. We believe Kiln’s strategy will be facilitated by becoming part of a major international group, which recognises the strength of our brand, respects our existing culture and which will provide exciting opportunities for Kiln’s employees.”

 

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