Amlin, the specialist international insurer which operates in the Bermuda insurance market, has completed the cross-border merger of two of its insurance company subsidiaries, Amlin Europe and Amlin Insurance (UK).
The combined post-merger insurance company is called Amlin Insurance SE, a European corporate entity (Societas Europaea) domiciled in the UK. The existing European offices will continue to trade through branches in the Netherlands, Belgium, France and Germany.
Amlin said that the restructuring will help align its European commercial insurance portfolio more closely with its UK commercial business and enable it to provide a more consistent and enhanced service to its clients across all markets. The merger also simplifies the group’s corporate structure and regulatory footprint, according to the insurer.
All business written by Amlin Europe and Amlin Insurance (UK) prior to the merger will transfer automatically to Amlin Insurance SE and normal business will resume for clients and brokers.
Amlin Insurance SE has an Standard & Poor’s (S&P) rating of A (stable), which represents a strengthening from the A- rating previously held by Amlin Europe.
S&P said that the merger showed Amlin Insurance to be a core part of the Amlin group and therefore entitled to benefit from the group’s rating.
Amlin, S&P, Bermuda, Europe