London-listed insurer Kiln said it had nearly completed the sale and transfer of its retail arm, Link Insurance, to Rubicon.
It is anticipated that the sale will be completed before the end of the year, subject to regulatory approval.
Rubicon will also enter into a contract with Kiln for the provision of run-off services for the 2001 and prior underwriting years.
Kiln had planned to sell Link to Ockham Holdings but Ockham withdrew its offer following the 11 September terrorist attacks on the US.
Kiln said a consultation process with the Lloyd's Names on Syndicate 510 had started and a further announcement would be made at the appropriate time.
