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Publish Date : 05-Mar-2013

Amlin plc of UK has announced that it has inked an agreement to buy RaetsMarine, \"a managing general agent ranked in the top three global providers of fixed premium marine liability protection and indemnity (P&I) business.\"

The statement described the purchase as a \"key part of Amlin\'s strategy to grow its Marine business and provide its clients with a comprehensive range of marine insurance products. As an acknowledged leader in the fixed premium P&I market.\"

\"Raetsmarine is well placed to exploit further growth and dislocation opportunities in the market. There continues to be an increase in the number of ship owners moving away from traditional sources of cover provided by P&I mutuals to seek fixed premium programs. This growth is expected to continue with Solvency II likely to place additional capital strains on the mutual sector. In addition, Amlin will be able to leverage its existing presence in London and Singapore to attract new business to RaetsMarine,\" the announcement explained.

RaetsMarine \"will be owned by Amlin Netherlands Holding BV and will operate as a service company under the leadership of its existing Managing Director, Folkert Strengholt. The company will report as part of Amlin Europe, led by Chief Executive, Kim Hvirgel,\" said Amlin. \"The consideration is $50 million, settled in a 50:50 split between cash and new Amlin shares, with up to a further $15 million payable 24 months after completion depending on RaetsMarine’s hull and cargo claims ratios for the three underwriting years up to and including 2012.\"

Simon Beale, Chief Underwriting Officer for Amlin plc, said: \"Having worked with Amlin for a decade, we look forward to becoming part of the Group. This transaction makes enormous sense as it will enable us to provide our clients with a broader marine insurance offering and to benefit further from the close working relationship we already have with Amlin.\"

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