R J Kiln & Co, a subsidiary of UK insurance and reinsurance underwriting group Kiln, has acquired Hong Kong-based underwriting agency International Reinsurance Services Limited.
Kiln said that it has a long association with International Reinsurance Services Limited (IRS), which will now be renamed Kiln Asia Limited, and with the company’s founder and CEO, Tony Weinert-Aplin.
Mr Weinert-Aplin, who has over 30 years’ experience in the region, will become Kiln Asia’s regional director of business development. It is hoped that his experience, combined with the Kiln brand and track record of underwriting specialist business in Asia, will enable the company to broaden its distribution network in the region.
The consideration payable is an initial sum of $1.1 million, followed by an estimated deferred amount of $1.3 million over the earn-out period of five years.
This is an exciting step forward for Kiln, commented Edward Creasy, Kiln’s CEO. Asia has long been a key market for us, and the formation of Kiln Asia in Hong Kong will give us access to a range of profitable regional business that does not currently come to London.
R J Kiln & Co plans to have over GBP1 billion of capacity under management for the 2007 year of account, according to parent Kiln’s website, making the subsidiary one of the largest agencies trading in the Lloyd’s of London insurance market.