Lloyd's managing agent Kiln has revealed it is in talks to take a minority interest in a new UK insurance company being formed by US property & casualty insurer W R Berkeley Corporation.

W R Berkeley Corporation is understood to be working towards forming an FSA-authorised insurance company.

It is expected that the enterprise will be London-based and will specialise in writing UK casualty risks.

It is anticipated that the company will commence operation in the third quarter of 2003.

A Kiln statement said the company intended to finance the investment in the new WR Berkeley unit without calling on its shareholders.

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