U.K.-based Kiln PLC, a leading Lloyd’s insurer, announced that its wholly owned Hong Kong subsidiary, R J Kiln & Co Limited, has acquired the Hong Kong based underwriting agency, International Reinsurance Services Limited (IRS), for the benefit of Names on Syndicate 510.
“IRS will be renamed Kiln Asia Limited,” said the announcement. It also noted that “Kiln has a long association with IRS and with Tony Weinert-Aplin, the founder and chief executive officer of IRS” He has over 30 years’ experience in the region, and will become Kiln Asia’s regional director of business development. “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 announcement noted.
Kiln will pay an initial sum of US$1.12 million (£590,000) followed by an estimated deferred amount of US$1.25 million (£660,000) over the earn out period of five years.
Edward Creasy, Kiln’s CEO, commented: “This is an exciting step forward for Kiln. 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.”
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