MS Amlin
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Editor's Comment: The era of mega deals
This year’s trend for mega merger and acquisition deals continued last week when Japanese insurer Mitsui Sumitomo agreed a deal to acquire Amlin for £3.47bn – more than twice its tangible book value, subject to approval – while in the broking sector…
London market diversity under the microscope as consolidation continues unabated
The London market is in danger of becoming too consolidated as a result of the current M&A wave, commentators have warned, with market diversity dependent on small start-up businesses emerging in the coming years.
Claims Awards Asia 2015: the winners
The winners of the Claims Awards Asia 2015 were announced on 10 September at the Regent Hotel, Singapore.
Mitsui confirms £3.47bn Amlin acquisition
Japanese insurer Mitsui Sumitomo Insurance Company has reached an agreement to acquire the entire share capital of London-headquartered Amlin for 670p per share in cash.
Mitsui Sumitomo in talks to buy Amlin
Japan's Mitsui Sumitomo is in talks to buy Lloyd's (re)insurer Amlin according to Nikkei.
Hindson joins Argo as chief risk officer
Alex Hindson has been appointed chief risk officer at Argo.
Amlin posts reduced profit in H1 due to 'change in accounting'
Amlin reported a fall in profit before tax to £143.3m in the first half of 2015 (H1 2014: £148.5m) due to changes in its accounting for catastrophe reinsurance earned premium.
Lloyd's underwriters create Asia-Pacific excess consortium
A new Asia-Pacific excess of loss property cover is led by Atrium and provides $25m (£16m) of loss capacity up to 100% of excess layers.
MSIG secures Myanmar economic zone permit
Mitsui Sumitomo has been granted a provisional permit to operate in the Thilawa Special Economic Zone in Myanmar.
Amlin celebrates ‘good start' to 2015
Amlin has reported a "good start" to 2015 for the first three months of the year.
Wilson and Gourlay promoted at MSIG
Alan Wilson, Asia regional CEO of MSIG, and Michael Gourlay, vice president of business development, Asia have both been promoted.
LMA launches first competitive board election for three years
Eight candidates are fighting it out for six positions on the Lloyd’s Market Association’s governing body in what will be LMA’s first competitive election since 2012.
Amlin profits hit by reduced reserve releases and investment return
A combination of condensed reserve releases and a dip in investment return last year has been blamed for a £67m fall in profit before tax at Amlin.
Novae tipped as next listed player to be sold as Lloyd's consolidation hots up
Pressure on profitability in the Lloyd’s market has been cited among the main drivers for consolidation by analysts, with Novae tipped to become the latest listed player to be snapped up.
MSIG appoints Graeme Rayner as CUO
Mitsui Sumitomo Insurance Group at Lloyd’s has promoted Graeme Rayner to chief underwriting officer.
Compass expands fleet team with London market hires
Compass Broker Services, the UK networks division of broker Arthur J Gallagher has appointed Darren Grodent as senior motor fleet broker for its London markets division.
Third arm-sized bolt fractures on Cheesegrater
The owner of the recently opened London home for Aon and Amlin has admitted that a third steel bolt has fractured on the building, and that it will launch a replacement programme.
Market Moves - 15 January 2015
All the latest job moves in the insurance market.
Birch appointed MD of Bishop Skinner Marine
Bishop Skinner Marine, the Bluefin subsidiary specialising in yacht and pleasure craft insurance, has appointed Paul Birch as its managing director.
MSIG confirms Hudson exit
Mitsui Sumitomo underwriting director Martin Hudson has resigned from the company.
Ex-Amlin and QBE project leader Day replaces Hobbs as IUA programme director
The International Underwriting Association has appointed Louise Day as programme director to lead company involvement in the London Market’s modernisation programme.
Insurers urged to boost claims service to get competitive edge
Chubb and Hiscox have taken the top two spots in a ranking of claims service in the UK mid-market by Gracechurch Consulting.
Amlin GWP climbs 4.2% for YTD
Amlin has recorded a 4.2% increase in gross written premium to £2.29bn for the nine months ended 30 September (9M 2013: £2.20bn), despite a year-on-year drop in the firm’s UK quarterly GWP from £269.6m to £257.4m.