W.R. Berkley Raises Kiln Stake
NU Online News Service, May 3, 12:43 p.m. EST?W. R. Berkley Corporation has agreed to increase its 5 percent stake in U.K.-based Kiln plc to 20.1 percent, the Greenwich, Conn.-based company announced last night.
Kiln is the holding company for a group conducting international insurance and reinsurance underwriting through Lloyd's syndicates managed by its managing general agent and wholly-owned subsidiary, R.J. Kiln & Co. Limited.
W. R. Berkley Corporation is an insurance holding company that operates in five segments of property-casualty insurance business: specialty insurance, alternative markets, reinsurance, regional property casualty insurance and international insurance.
W.R. Berkley said the transaction is conditioned upon, among other things, the approval of Kiln's shareholders at a general meeting scheduled for May 27, and obtaining regulatory consents in the U.K.
In the transaction, W.R. Berkley's subsidiary, Berkley Insurance Company, which acquired approximately 5 percent of Kiln this February, will buy roughly 36.1 million additional shares at a total cost of approximately $25 million.
Following the completion of the transaction, Berkley Insurance Company will become the largest shareholder in Kiln and will have the right, subject to the terms of an agreement with Kiln, to appoint up to two directors to Kiln's Board.
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