Lloyd’s Kiln Acquires 49% Stake in US-based WNC Holdings

June 10, 2011

Lloyd’s insurer and syndicate leader R.J. Kiln, a member of the Tokio Marine Group, announced that it has bought a 49 percent share in California-based WNC Holdings – a provider of specialty insurance products and services to US-based financial institutions and their customers.

Kiln added that it was the largest investment it has made “since it was founded nearly 50 years ago,” but it did not release precise figures for the acquisition.

WNC, a managing general agent, provides flood, wind, hazard and auto insurance as well as policies for portfolios of second mortgages, home equity and condominium loans to financial institutions in the United States. It reported a net written premium in excess of $100 million in 2010. Kiln said it “has worked in partnership with WNC since 1986.”

Charles Franks, chief executive of Kiln, commented: “This important investment demonstrates our continued commitment to building and maintaining long-term, profitable partnerships with high quality businesses, underpinned by our substantial financial strength.

“Through this investment, which is supported by our parent Tokio Marine, Kiln will continue to capitalize on WNC’s high quality underwriting capabilities, strong management team, established brand and its proven track record of generating profits, as we have done over the past 25 years.”

The announcement also noted that “WNC will retain its existing brand and management structure and will continue to lead its strategy. The remaining 51 percent majority share of the business will be retained by WNC Management.”

Carl Herrmann III, CEO of WNC, indicated his company was “thrilled to be cementing our partnership with Kiln through this valuable investment. Our shared values and focus on customer service, empowering our people and underwriting profitable lines of business, backed by Kiln’s considerable financial strength and superb reputation, will lay the foundations for our continued future success.”

The move will enable Kiln to pursue its growth strategy of developing its distribution network and broadening its product portfolio while also serving to extend Tokio Marine’s global footprint.”

Source: RJ Kiln

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