Amlin buys household and commercial MGA following solvency issues
Acquisitive Lloyd's insurer Amlin has bought JR Clare Underwriting Agencies (JCUA) Limited from owner John Clare.
JR Clare is a managing general agent which sources about £30m of UK household and commercial insurance premium.
In a statement this morning, Amlin said JCUA has been sourcing business for London Market underwriters since 1999.
However, it stated that JCUA had recently lacked sufficient capital to continue to fund its operations and satisfy the FSA's solvency requirements.
"Amlin has been in close contact with the FSA through the course of the transaction and the change of control has been approved by the FSA," the insurer said.
JR Clare had gross assets of £3.2m as of 31 December 2009, including £1.5m held on insurers' behalf.