Tokio Marine & Nichido Fire Insurance, a Japan-based insurance company, has acquired Kiln and its subsidiaries.
As a consequence, Kiln has now been delisted from the London Stock Exchange and has joined Millea Group as a wholly owned subsidiary of Tokio Marine & Nichido Fire Insurance (TMNF). Following agreement with the management of Kiln, the amalgamation was approved by more than 99% of Kiln shareholders at a special general meeting.
Shuzo Sumi, president of Millea, said: I am delighted for all parties involved that we have now concluded this landmark deal. Millea and Kiln will now jointly explore strategic options to accelerate growth within Lloyd’s and beyond. Combining the local brand and expertise of Kiln with the financial strength and extensive global network of TMNF allows us to offer our customers the highest standards of service, a broad range of products and deep expertise.