8 Dec 2006 09:00
Kiln PLC08 December 2006 Kiln plc Kiln acquires Belmarine Kiln plc has today agreed to acquire 100% of Belmarine Insurers SA (Belmarine)for a total consideration of approximately €9.45 million including a deferredelement estimated to be €1.08m; the consideration will be paid 90% in cash and10% in Kiln plc ordinary shares. Belmarine, which is based in Liege, is the second largest marine underwritingunit in Belgium; it specialises in cargo policies and blue and brown water hull.The company's founding directors - Jean Pierre Gerard and Jacques Cobus - willcontinue as directors of Belmarine. The acquisition forms part of Kiln's strategic plan to enhance its distributionnetwork by extending its underwriting reach to overseas markets. Kiln recentlyannounced the establishment of a regional office in Hong Kong and a jointventure in Singapore. Commenting on the deal, Kiln chief executive officer Edward Creasy said: "We are delighted to be joining forces with Belmarine and this will benefitshareholders as we expand our distribution channels. The company has a strongreputation locally with values and working practices similar to our own. In timewe will deliver improved service to clients by strengthening Belmarine'sservicing capability and introducing enhancements to its underwriting range." Contact: Kiln plc 020 7886 9000Edward Creasy, Chief executive officerKate Rogers, Head of communications College Hill 020 7457 2020Tony FriendRoddy Watt Kiln Kiln is an international insurance and reinsurance underwriting group with aportfolio of specialist risks. Since 1962, Kiln has built its business on thestrength of its underwriting and its relationships. Kiln plc is listed on the London Stock Exchange. Its operating subsidiary, R JKiln & Co Limited, plans to have approximately £1 billion of capacity undermanagement for the 2007 year of account, making it one of the largest agenciestrading in the Lloyd's of London insurance market. A recognised leader in each of the five main business areas in which itoperates: reinsurance, accident and health, aviation, marine and special risks,and property, Kiln syndicates enjoy a security rating of 'A' (Strong) assignedto Lloyd's by Standard and Poor's. This information is provided by RNS The company news service from the London Stock Exchange