Lloyd’s of London insurer Amlin plc announced the completion of its acquisition by Mitsui Sumitomo Insurance Co. Ltd., a wholly owned subsidiary of MS&AD Insurance Group Holdings Inc., following receipt of regulatory and legal approvals. MSI has acquired the entire issued and to be issued share capital of Amlin.
(The deal was announced in September 2015, when MS&AD Insurance Group Holdings said it had agreed to buy Amlin for about 3.47 billion pounds, or $5.3 billion, at exchange rates at the time.)
Charles Philipps, chief executive of Amlin, will lead the business, which will be called MS Amlin. It is intended that MS Amlin will comprise the historic Amlin businesses, together with MSI’s London and Bermuda-based businesses.
Amlin and MSI are at an advanced stage of planning the integration of these businesses which will, subject to further regulatory approvals, involve the merger of Amlin’s and MSI’s Lloyd’s syndicates and reinsurance subsidiaries. Its international business will be anchored in the Lloyd’s market.
Philipps commented: “Our combination with MSI is incredibly positive for our business, our employees and our clients. I am very much looking forward to working with the MSI teams in London, Bermuda and elsewhere to unlock our full potential as part of MSI.”
Also commenting, Yasuyoshi Karasawa, president and CEO of MSI, said: “MSI and MS Amlin have just taken a new step toward a glorious future together. MSI Group will step up to the next level in creating a world class insurance and financial group by maximizing both companies’ strengths and promoting mutual cooperation within the group.”
Source: MS Amlin and Mitsui Sumitomo Insurance