Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 22nd of May 2019
February 15, 2008

Kiln shareholders approve Tokio Marine takeover

by Gill Montia

Story link: Kiln shareholders approve Tokio Marine takeover

Shareholders of Kiln, the Lloyds insurance group, have passed a resolution approving the takeover of the company by Tokio Marine; 99.77% of shareholders were in favour of the merger.

Kiln is an international insurance and reinsurance group that underwrites mainly property-related risks. Its holding company is Bermuda-based.

It is the fourth-largest Lloyd’s managing agency with a capacity of £802 million and gross written premiums of around £429 million.

The firm has offices in London, Hong Kong, Europe and South Africa and is seeking to expand into the US.

Tokio Marine has agreed to pay £442 million for Kiln, making the acquisition the largest to date by a Japanese insurance group.

Following completion of the transaction no staff changes are expected; Kiln’s chief executive, Edward Creasy, will remain in post.

Tokio Marine has had business ties with Kiln for over 40 years. The group has a presence in 36 countries and is currently focused on expanding in emerging markets, through acquisitions and mergers.

The acquisition of Kiln now requires the approval of the Financial Services Agency of Japan and the South African Competition Commission.

The firm has warned that release of its results, scheduled for 6th March, could be delayed as a result of the impending acquisition.

 

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