Kiln is set to become the fourth Lloyd's insurer to leave London in favour of Bermuda after it announced plans to redomicile.
The company will introduce a new Bermuda domiciled holding company for the Kiln Group in 2007.
It will also establish a Bermuda insurer, Kiln Re, which is expected to write £160m of business including property insurance and reinsurance.
Edward Creasy, chief executive officer of Kiln, said: "We believe that Bermuda offers a favourable environment in which to develop the Group as a growing international business.
"We expect that our new Bermudian operations will be complementary to Kiln's existing Lloyd's business."
Kiln follows in the footsteps of Hiscox and Omega, who re-domiciled to Bermuda in 2006 in favour of a lower tax regime and lighter regulation.
Catlin re-domiciled to Bermuda in 2002.
Meanwhile, Kiln has announced record profits before tax of £64.1m for the year ended 31 December 2006, up from £8.5m.
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