Posted on 26 Jan 2011
Amlin plc said its wholly owned subsidiary, Amlin Corporate Services Ltd., has agreed and completed the acquisition of J. R. Clare Underwriting Agencies Ltd., or JCUA, from John Clare.
JCUA is a managing general agent which sources approximately £30 million of UK household and commercial insurance premium income.
Amlin UK would underwrite 100 per cent of JCUA's business going forward.
JCUA has been successfully sourcing business for London Market underwriters since 1999. However, it has recently lacked sufficient capital to continue to fund its operations and satisfy the FSA's solvency requirements.
Moreover, Amlin believes that its acquisition of JCUA would add attractive new business in an area where premium pricing is rising and would be in the interests of JCUA's employees, policyholders and creditors.