Kiln plans Bermuda move

Kiln P.L.C. has announced it plans to set up a subsidiary in Bermuda.

London-based Kiln said that Kiln Re will be capitalized at £160 million ($308.9 million).

Edward Creasy, chief executive officer of Kiln, said the company believed a Bermudian operation will be "complementary to Kiln's existing Lloyd's business.

Mr. Creasy said in a statement that Kiln still believed Lloyds to be a "commercially advantageous platform."

In the past months, several Lloyd's-based companies have set up companies in Bermuda.

Kiln reported pre-tax profit of £64.1 million ($123.7 million), up from £8.5 million ($16.4 million) in 2005.

The company's combined ratio for 2006 was 77%, compared with 114% in 2005, and rates increased on average by 15.9% last year, Kiln noted.