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Amlin acquires Anglo French Underwriters

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Date: Tuesday 07 Oct 2008

LONDON (ShareCast) - Lloyds insurer Amlin is to acquire the French underwriting agency Anglo French Underwriters as a platform for future European expansion.

Paris-based AFU operates through a network of over 1,300 independent retail brokers and underwrites a diverse book of business including property, cargo and professional liability.

Amlin will initially own 95% of the issued share capital of Financière Europe Assurance, the holding company for AFU, with the rest held by AFU’s management, and expects to own the whole company in due course. It did not say how much it is paying for AFU.

As at 31 July 2008, FEA had gross assets of €23.6m.

Amlin said entry into the French market demonstrates its continuing focus on improving its distribution capabilities. It added that the acquisition will also enable Amlin to balance the growth in its catastrophe book with the acquisition of additional non-catastrophe exposed business.

“The acquisition of AFU is a tremendous opportunity for Amlin and we look forward to continuing to work closely with our friends in France,” Amlin chief executive Charles Phillip said.

“AFU's quality management team and proven track record of bringing profitable business to Lloyd's provides an ideal strategic fit for Amlin as well as a platform to expand into the French and wider European market.”

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