Lloyd’s insurer picks up Fortis corporate unit
Lloyd’s market insurer Amlin has agreed to buy Fortis Corporate Insurance from the Dutch Government for €350 million ($616 million), attracted by its large commercial portfolio.
Amlin says the acquisition provides product diversity and a strong base in continental Europe.
The Fortis unit writes property and casualty business in the Netherlands and Belgium, reporting gross written premium of €763 million ($1.3 billion) in 2008.
Parent banking and insurance group Fortis earlier reported a full-year loss of €28 billion ($49 billion) after discontinued banking operations humbled the company.
Amlin directors expressed confidence that steps taken to restore company performance “will together provide the foundation for a return to historical levels of profitability”.
The directors claim the deal will reduce Amlin’s exposure to catastrophe losses.
Amlin says the acquisition provides product diversity and a strong base in continental Europe.
The Fortis unit writes property and casualty business in the Netherlands and Belgium, reporting gross written premium of €763 million ($1.3 billion) in 2008.
Parent banking and insurance group Fortis earlier reported a full-year loss of €28 billion ($49 billion) after discontinued banking operations humbled the company.
Amlin directors expressed confidence that steps taken to restore company performance “will together provide the foundation for a return to historical levels of profitability”.
The directors claim the deal will reduce Amlin’s exposure to catastrophe losses.