Amlin signs papers to lift stake in Leadenhall Capital Partners

Insurance group Amlin has signed a previously-announced deal to lift its stake in the Leadenhall Capital Partners (LCP) joint venture it set up in 2008.

LCP provides asset management solutions to institutional clients in the (re)insurance-linked securities market.

Amlin said back in July that it would increase its 40% interest in the business to 75% via a partial acquisition of each stake held by LCP's individual partners. The company announced on Friday that it has now signed definitive legal agreements to raise its stake.

“I am pleased that we have further strengthened our relationship with Leadenhall Capital Partners," said Amlin's chief executive Charles Philipps.

"As alternative capital plays a greater role in (re)insurance markets, I expect Amlin’s increased interest in LCP to be a valuable strategic advantage to both businesses," he said.

Amlin's shares were down 0.5% at 440.7p by 08:31.