W. R. Berkley Corporation announced that it has agreed in principle to purchase the 20 percent minority interest in W. R. Berkley Insurance (Europe), Limited held by Kiln Ltd. for approximately $50.1 million (£24.5 million), subject to the approval of Kiln’s shareholders and regulatory approvals, if necessary.
When the transaction is completed, which is expected in late 2007 or early 2008, W. R. Berkley Corporation will own 100 percent of Berkley Europe.
“Berkley Europe is a London-based specialty casualty insurer with branch offices in Spain (Madrid and Barcelona) and Sydney, Australia,” the bulletin noted. “It was formed in 2003 and its products include professional indemnity, directors’ and officers’ liability, medical malpractice, general liability, personal accident and travel.”
Source: W. R. Berkley Corporation – www.wrbc.com
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