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Daily Insurance Industry News
Wednesday 22nd of May 2019
January 23, 2008

Kiln Acquires IMIM

by Stewart Douglas

Story link: Kiln Acquires IMIM

Insurer RJ Kiln & Co. has today confirmed the acquisition of International Marine Insurance Managers, the South African based underwriting firm for an undisclosed sum in yet a further expansion of its operation in what will increase its international marine cargo business and help further cements its stronghold within the market.

The acquisition was announced today and sees Kilb acquiring the remainder of the firm which it previously owned in 25% share since it’s first connection with the firm back in 2004. Since then the companies have worked closely in the provision of insurance services worldwide, and the completed acquisition today is seen as a natural progression in their relationship.

The move comes at a time where Kiln is undergoing a period of rapid expansion, which has seen it acquire several other firms worldwide over the last few months. The completion of today’s deal will help add further weight to its marine underwriting experience, and enable Kiln to provide more specialised services throughout its client base.

The organisation will be integrated within Kiln South Africa (PTY) Ltd. and follows the recent addition of International Marine (Underwriting Agency) as part of Kiln’s ongoing process of opening worldwide access to the Lloyd’s insurance market through targeted global acquisitions.

Kiln CEO Charles Franks said: “I am delighted to welcome International Marine to the Kiln Group. IMIM is a well managed, profitable business and as such will be a great asset as part of our ongoing strategy to provide underwriting capability closer to business producers in places where access to Lloyd’s may be limited.”

“By taking full ownership of this strong business, we are increasing our reach in the local South African market, and will be able to offer a wider range of products to customers in the region.”

 

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