Kin Group Regulatory News (KIN)

17 Nov 2006 09:53

Kiln PLC17 November 2006 Kiln plc Kiln Asia opens in Hong Kong Kiln plc today announced that its wholly owned subsidiary, R J Kiln & CoLimited, has acquired the Hong Kong based underwriting agency, InternationalReinsurance Services Limited (IRS), for the benefit of Names on Syndicate 510.IRS will be renamed Kiln Asia Limited. Kiln has a long association with IRS andwith Tony Weinert-Aplin, the founder and chief executive officer of IRS. MrWeinert-Aplin, who has over 30 years' experience in the region, will become KilnAsia's regional director of business development. His experience, combined withthe Kiln brand and track record of underwriting specialist business in Asia,will enable the company to broaden its distribution network in the region. Theconsideration payable is an initial sum of US$1.12 million (£590,000) followedby an estimated deferred amount of US$1.25 million (£660,000) over the earn outperiod of five years. Edward Creasy, Kiln's chief executive officer said: "This is an exciting stepforward for Kiln. Asia has long been a key market for us, and the formation ofKiln Asia in Hong Kong will give us access to a range of profitable regionalbusiness that does not currently come to London." 17 November 2006 Enquiries: Kiln plc: 020 7886 9000Edward Creasy, Chief executive officerKate Rogers, Head of communications College HillLondon 020 7457 2020Tony FriendRoddy Watt Hong Kong + 852 9389 3361Howard Tang Notes for editors Kiln Kiln is an international insurance and reinsurance underwriting group with aportfolio of specialist risks. Since 1962, Kiln has built its business on thestrength of its underwriting and its relationships. Kiln plc is listed on the London Stock Exchange. Its operating subsidiary, R JKiln & Co Limited, plans to have over £1 billion of capacity under managementfor the 2007 year of account, making it one of the largest agencies trading inthe Lloyd's of London insurance market. A recognised leader in each of the five main business areas in which itoperates: reinsurance, accident and health, aviation, marine and special risks,and property, Kiln syndicates enjoy a security rating of 'A' (Strong) assignedto Lloyd's by Standard and Poor's. International Reinsurance Services (IRS) IRS is a specialist underwriting agency operating throughout the Asia Pacificregion. The company covers a range of classes of business including property,marine cargo and many aspects of the petrochemical industry. In June 1999 TonyWeinert-Aplin, who has worked in the insurance industry in the Far East for over30 years, established IRS as a dedicated underwriting agency. This information is provided by RNS The company news service from the London Stock Exchange