Amlin plc, the London-based specialist insurer, announced the successful completion on Jan. 4 of the cross-border merger of two of its insurance company subsidiaries, Amlin Europe N.V. and Amlin Insurance (UK).
The combined post-merger insurance company is called Amlin Insurance SE, a European corporate entity (Societas Europaea) domiciled in the U.K. The existing European offices will continue trading through branches in the Netherlands, Belgium, France and Germany.
The restructuring will help align Amlin’s European commercial insurance portfolio more closely with its U.K. commercial business and enable it to provide a more consistent and enhanced service to its clients across all markets, the company said in a statement, noting that the merger also simplifies the group’s corporate structure and regulatory footprint.
All business written by Amlin Europe and Amlin Insurance (UK) prior to the merger transfers automatically to Amlin Insurance SE, and it will be business as usual for their clients and brokers, the company said.
Amlin Insurance SE has an S&P rating of A (stable), which represents a strengthening from the A- rating previously held by Amlin Europe.
S&P commented that the merger showed Amlin Insurance SE “to be a core part of the Amlin group and thus entitled to benefit from the group’s rating.”
“The company’s core status primarily reflects our expectation that it will be extensively integrated within the group and will fit in with its strategy,” S&P said, noting that.
While legally separate, Amlin Insurance “will be 100 percent-owned by the group and it will effectively operate as a division using common systems and branding and writing broadly similar lines of business. It will be strongly aligned with the group in terms of strategy, business, management, and operations,” the ratings agency said.
Source: Amlin and Standard & Poor’s