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Daily Insurance Industry News
Sunday 26th of May 2019
January 12, 2008

Kiln Acquire IMUA

by Stewart Douglas

Story link: Kiln Acquire IMUA

Insurer RJ Kiln has today announced that it has widened its expertise in the marine cargo insurance market with the acquisition of International Marine (Underwriting Agency) for an undisclosed fee in a move that will see the firm increase its key insurance holdings.

The independent insurer is thought to have secured the IMUA, for a non-disclosed sum, having already owned equity in and partnered with the company over the last few years.

The IMUA is renowned for its specialism within the maritime insurance market, and has been seen as a valuable acquisition for Kiln amidst the current market climate, which is seeing a growing trend towards major claims as margins become even tighter and more and more businesses look to their insurers for compensation.

The move to acquire IMUA has been seen as a strong indicator of the company’s desired expansion, particularly into Pacific markets, which are widely cited as key growth areas. Following several strategic direction changes in the last twelve months, Kiln’s latest seems to be another firm indicator of its growth programme.

The IMUA currently has offices throughout the UK and also in Singapore, where it benefits from extensive trade in the Eastern shipping insurance market off the back of strong local knowledge, opening more avenues for expansion by Kiln in that region.

Additionally, the companies also have a track record of partnership with a joint venture in the Singapore market launched back in 2006, which had proven to be a successful partnership since then.

Meanwhile Kiln’s have recently agreed to put a takeover bid to the shareholders following an offer from Tokio Marine, the Japanese firm, which could spell further changes within the corporate structure at Kiln.

 

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