Lloyd's insurer takes minority holding in £100m GWP broker.
Lloyd's insurer Amlin has acquired a minority shareholding in independent UK retail broker, Miles Smith.
In a statement to the stock exchange, Amlin said the investment would help "develop existing longstanding business relationships with selected UK retail and wholesale brokers, and thus expand and enhance the product range available to their clients."
Miles Smith, which is an accredited Lloyd's broker, controls around £100m GWP and specialises in the fleet, construction, property and leisure and entertainment markets. It currently runs a hazardous waste scheme with Amlin.
Paul Chainey, chief executive of Miles Smith said: 'We have worked with Amlin for many years, mainly on commercial motor insurance, and we look forward to jointly developing other lines including SME property, as well as product enhancements for our existing clients."
Amlin chief executive Charles Philipps added: "This investment forms part of Amlin's ongoing strategy to broaden our UK distribution through selective partnerships with high quality brokers."
The news follows Amlin's announcement this morning that it would open an office in Chicago, Illinois. The insurer the said the move would allow it to write business which may not otherwise reach the London market.
Amlin Illinois will open for business early next month.