Payment for stake will be made in three instalments
Lloyd’s insurer Amlin has bought an additional 35% shareholding in catastrophe bond investor Leadenhall Capital Partners.
This takes Amlin’s total stake in the firm to 75%. Leadenhall was formed as a joint venture between Amlin and the individual partners in Leadenhall in 2008.
Leadenhall’s individual partners will keep the remaining 25 of the company.
The amount Amlin will pay for its additional 35% stake will be determined by Leadenhall’s profitability, subject to a cap.
The amount will be payable in three instalments from 2014 to 2016.
Amlin chief executive Charles Philipps said: “As alternative capital becomes an increasingly prominent feature of (re)insurance markets, I expect Amlin’s increased interest in LCP to support its continued growth and further enhance co-operation and synergies between our businesses.”
Leadenhall chairman John Wells and chief executive Luca Albertini said in a joint statement: “This agreement on ownership and structure for the foreseeable future will provide a stable platform for growth, while ensuring the independence of investment decision making and a strong alignment between the management team and our investors.”
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