Amlin has mounted a bid to boost its flagging UK property division by acquiring Allied Cedar Insurance Group.
The company, which is divided into Allied Under-writing Agencies and Cedar Insurance Company, will be integrated into Amlin Insurance Services, the UK commercial division of the Amlin group.
The acquisition of Allied Cedar, which has gross assets of £5.2m, is intended to strengthen Amlin’s footing in the property and commercial combined markets.
David Overall, head of marketing and distribution for the UK division, told Insurance Times: “In the current climate we have struggled to grow [the UK property and commercial combined business] organically.
“This acquisition is a small bolt-on to help us continue to grow in the UK SME market.”
Overall said the acquisition would double its £12m portfolio and provide greater distribution links to UK brokers.
Amlin Insurance Services, which also specialises in motor fleet, liability and professional indemnity insurance, has a GWP of £150m.