Bermuda-based insurer Kiln has boosted the international network of marine cargo specialist side of its business with the acquisition of International Marine (Underwriting Agency) Ltd. (IMUA).

IMUA, which has offices in London, Manchester, Leeds and Singapore, specialises in marine business.

Kiln and IMUA have been closely associated with each other for five years and in 2006 established a joint venture company in Singapore, called Kiln Marine Singapore.

IMUA became a 33-percent associated company of Kiln in 2005 and since October 2006 the entire group has underwritten business exclusively on behalf of Kiln Syndicate 510, with Kiln announcing on Friday that it has acquired 100 percent of IMUA, which will become part of Kiln Group.

The acquisition is part of Kiln's ongoing distribution strategy to provide underwriting capability closer to its business producers, especially in markets and product lines where access to Lloyd's is limited.

Kiln's CEO, Charles Franks, said: "This acquisition will bring great operational advantages to Kiln. IMUA is a well managed, profitable business and I am delighted to welcome the team into the Kiln Group.

"By taking full ownership of this strong, successful business we are increasing our reach in local markets. This gives us the opportunity to distribute a wider range of products, which means excellent service to our customers locally, and allows us to continue to increase our presence internationally in our chosen markets."

• Kiln has posted a circular to shareholders on the recommended cash acquisition of the company by Tokio Marine & Nichido Fire Insurance Co.

The special general meeting to approve the amalgamation will be held on February 13 at its registered office in Church Street, Hamilton.

Delisting of the Kiln shares will take place at the close of business on the day the amalgamation becomes effective. A further announcement will be issued in due course.

Copies of the circular will be available on Kiln's website at www.kilngroup.com