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LONDON Amlin P.L.C., the London-based insurance group, has announced the acquisition of Allied Cedar Insurance Group Ltd, the holding company of fellow U.K. insurance company Allied Underwriting Agencies Ltd. and Cedar Insurance Company Ltd.
Amlin said that Allied Cedar had gross assets of £5.2 million ($10.5 million)as at 31 December last year. The vendors are direct and family interests of its Directors and staff, said Amlin.
The new businesses will be integrated into Amlin Insurance Services, the U.K. Commercial division of the Amlin group.
Brian Carpenter, Amlin board member and Divisional Underwriter of the U.K Commercial division said: "This acquisition increases our UK property account in line with our strategic plan and gives us an opportunity to develop additional SME business, as well as accessing new distribution channels."