Lloyd's insurers' deal for Anglo French Underwriters is approved.
Amlin has announced that after receiving regulatory approvals, the acquisition of Financière Europe Assurances, the holding company of Anglo French Underwriters SAS, has now been completed.
In October, Amlin confirmed it was making the acquisition and the deal is set to enter Amlin into the French market. The insurer said it demonstrates the company's continuing focus on improving its distribution capabilities.
"The acquisition will also enable Amlin to balance the growth in its catastrophe book with the acquisition of additional non-catastrophe exposed business. This strategic business development is intended to enhance the long-term profitability of the group," Amlin said in a statement.
AFU is Lloyd’s largest approved coverholder in France, focusing on SME specialty business. Based in Paris with around 40 employees, AFU operates through a network of over 1,300 independent retail brokers and underwrites a diverse book of business including property, cargo, professional liability and specie.
In the current financial year, it expects to handle approximately € 40m of gross written premium.