Strategy is to grow bloodstock business to balance catastrophe book
Acquisitive Lloyd’s insurer Amlin has continued its drive into the commercial market by snapping up Crowe Livestock Underwriting.
Norfolk-based Crowe provides specialist insurance, including poultry, cattle and aquatics, to the livestock industry.
It operates through a network of brokers and managing general agents across 45 countries and controls around £10m of gross written premium.
Amlin said the deal was in line with its strategy of continuing to diversify its underwriting portfolio into a broader range of commercial insurance, in order to balance its catastrophe book.
Amlin chief executive Charles Philipps said the company could grow its bloodstock book of business by entering the livestock class. “Crowe is an acknowledged leader in its field, with a proven management team and the specialist underwriting knowledge to enable Amlin to develop this business in the future.”
Crow managing director Emma Stamper added: “We believe that this partnership will give Crowe an ideal opportunity to further enhance its current product offering and geographical reach, providing a strong platform for future growth.”
Last year, Amlin acquired a 19.9% stake in TL Dallas, its second major broker investment after it bought a similar-sized stake in Lloyd’s broker Miles Smith earlier in the year.
In Europe, Amlin also completed the acquisition of Financière Europe Assurances, the holding company of Anglo French Underwriters, and this year picked up Fortis Corporate Insurance for €350m (£318m).