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Member, Beacon International Group, Ltd.
LONDONLloyd's of London insurer Kiln P.L.C. is to acquire Liège, Belgium-based Belmarine S.A. for €9.45 million ($12.5 million)in cash and Kiln shares.
In a statement, Kiln said that Belmarine is the second-largest marine underwriting unit in Belgium. It specializes in cargo policies, and blue and brown water hull.
According to Kiln, the acquisition forms part of its strategic plan to enhance its distribution network by extending its underwriting reach to overseas markets.
In the past three months, Kiln has established an office in Hong Kong and a joint venture in Singapore.
Kiln Chief Executive Officer Edward Creasy said: "We are delighted to be joining forces with Belmarine and this will benefit shareholders as we expand our distribution channels. In time, we will deliver improved service to clients by strengthening Belmarine's servicing capability and introducing enhancements to its underwriting range."