Amlin Corporate Services, a wholly owned subsidiary of Amlin, has completed the acquisation of acquired JR Clare Underwriting Agencies (JCUA) from John Clare.
JCUA is a managing general agent which sources approximately £30m of UK household and commercial insurance premium income. Following the acquisition, Amlin UK will underwrite 100% of JCUA’s business.
JCUA has been successfully sourcing business for London Market underwriters since 1999. However, it has recently lacked enough capital to continue to fund its operations and satisfy the FSA’s solvency requirements.
Amlin expects that the acquisition of JCUA will add attractive new business in an area where premium pricing is rising and will be in the interests of JCUA’s employees, policyholders and creditors.
The transaction has been approved by the FSA.
At 31 December 2009, JCUA had gross assets of £3.2m including £1.5m of cash held on behalf of insurers.
Amlin is an independent insurance group operating in the Lloyd’s market through Amlin London and additionally in the UK, Continental European and Bermudian markets.
Amlin specialize in providing insurance cover to commercial enterprises across a broad range of risks including aviation, marine and international property & casualty as well as reinsurance protection to other insurance companies around the world.