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MS Amlin Ltd. has agreed to buy U.S. managing general agency International Transportation and Marine Office LLC and its subsidiaries, the Lloyd’s of London insurer and reinsurer said Wednesday.
The acquisition is part of a new strategy to provide access to specialty MGAs in the U.S., MS Amlin said in a statement.
The primary subsidiary International Transportation & Marine Agency LLC, based in Scottsdale, Arizona, provides marine and other specialty lines of insurance. It was founded in 2001.
International Transportation and Marine will write business into Amlin Syndicate 2001. Don Kaitz will continue to serve as chairman, while the business will continue to be led by CEO Eric Kaitz and remain a stand-alone MGA.
International Transportation and Marine specializes in light commercial trucking and offers coverage for auto physical damage and motor truck cargo unbundled from the auto liability coverage.
The MGA partners with both wholesale and retail brokers and all coverage is placed through A-rated or better licensed insurers.
By targeting mid-size, niche MGAs, MS Amlin said it will balance the current volatility of catastrophe risk and broaden its available coverages.
Simon Beale will step down as CEO of MS Amlin PLC on Dec. 31, 2019, amid a reorganization of the insurer and reinsurer, the London-based company said in a statement Wednesday.