Amlin has extended its grip on the marine market through Syndicate 2001 by acquiring retail yacht insurance broker SM Marine Holdings (SMH).
Amlin will continue to offer retail yacht insurance through SMH subsidiary St Margarets Insurances. It will continue to operate existing Amlin Marine subsidiary Haven Knox-Johnson as a specialist intermediary and marine trade insurance provider.
Amlin Marine Services chief executive Martin Hewett said the company would continue with both brands, while looking to combine some back-office support structures. "We have been writing more and more of SMH business through our box since 2001 and now seemed the right and appropriate time to buy the business," said Hewett.
The company said the move was part of its previously stated policy of expansion by selective acquisitions. SMH had net assets of £1.42m as of 30 September 2003.