Completion of acquisition of Crowe Livestock Underwriting Limited
Update - 30th November 2009
Further to the announcement dated 25 November 2009 in connection with the proposed acquisition of Crowe Livestock Underwriting Limited (“Crowe”) by Amlin plc (“Amlin”), Amlin is pleased to announce that, following the receipt of approval from the Financial Services Authority, the acquisition of Crowe was completed today.
Amlin to Acquire Crowe Livestock
25 November 2009
Amlin plc (“Amlin”) announces that a wholly owned subsidiary has entered into a heads of agreement to acquire Crowe Livestock Underwriting Limited (“Crowe”). The transaction remains subject to the approval of the Financial Services Authority.
Established in 1996, Crowe is a leading and internationally recognised coverholder which provides specialist insurance to the livestock industry. Based in Norfolk with 16 employees, Crowe operates through a network of brokers and managing general agents across 45 countries and underwrites a diverse book of livestock business including poultry, cattle and aquatics. In the current financial year Crowe expects to handle approximately £10 million of gross written premium.
Amlin has a clear strategy of diversifying its underwriting portfolio further into a broader range of commercial insurance in order to balance its catastrophe book. Entry into the livestock insurance market illustrates Amlin’s continuing focus on diversification and improving its distribution capabilities, while building long term profitability for the Group.
Charles Philipps, Amlin Chief Executive commented: “The acquisition of Crowe will be a tremendous opportunity for Amlin to build on its well regarded bloodstock book by entering the livestock class. Crowe is an acknowledged leader in its field, with a proven management team and the specialist underwriting knowledge to enable Amlin to develop this business in the future”.
Emma Stamper, Managing Director of Crowe, said: “This will be an exciting milestone for our company and we look forward to taking the business to the next stage of its development as part of Amlin. We believe that this partnership will give Crowe an ideal opportunity to further enhance its current product offering and geographical reach, providing a strong platform for future growth”.
Crowe is a Lloyd’s coverholder, authorised and regulated by the Financial Services Authority. Following the acquisition, the consideration for which will be satisfied in cash, Amlin will own 100% of the issued share capital of Crowe.
Enquiries:
Hannah Bale, Head of
Communications, Amlin plc 020 7746 1118
Emma Stamper, Managing Director, Crowe Livestock Underwriting
Limited 01842 890 733
