UK insurance firm Amlin has completed acquisition of RaetsMarine, a Rotterdam-based underwriting agency for $65m, as part of a strategy to grow its Marine business.
Payment will be divided between 50% cash and 50% new Amlin shares, with $50m already paid in cash, while additional $15m is expected to be paid in 24 months after completion, depending on RaetsMarine's hull claims ratios.
As part of the acquisition, RaetsMarine will be owned by Amlin Netherlands, and will function as a service company under the leadership of its current managing director Folkert Strengholt.
Founded in 1993, RaetsMarine is a specialist marine insurance provider with a strong focus on customer relationships, risk management and claims services.
Amlin is a specialist insurance and reinsurance underwriting group, and offers insurance cover to commercial enterprises and provides reinsurance protection to other insurance companies worldwide.
