LONDON (dpa-AFX) - Amlin Plc (AML.L), a non-life insurance and reinsurance underwriting company, Friday announced that it has signed definitive legal agreements to increase its existing interest in Leadenhall Capital Partners LLP or LCP, an investment manager in (re)insurance-linked securities.
Amlin established Leadenhall in joint venture with LCP's individual partners in 2008.
Under the deal terms, Amlin has increased its current 40 percent interest in the business to 75 percent through a partial acquisition of each individual partner's stake.
The final consideration amount will be determined by the future profitability of the Business, and will be payable in three instalments over the period to May 2016.
The transaction is not subject to any conditions, regulatory or otherwise.
The remaining 25 percent interest which Amlin is not acquiring will continue to be held by the individual partners of LCP on an ongoing basis.
The company also said the current management team of John Wells as Chairman and Luca Albertini as CEO and CIO remains in their existing roles following completion of the transaction.
Separately, Amlin announced that a circular and a Notice of a General Meeting of the Company have been posted to the shareholders. The General Meeting will be held on November 24.
Copyright RTT News/dpa-AFX