Japan-based insurance giant Tokio Marine & Nichido FireInsurance Company Ltd. (TMNF) said they had reached agreement toacquire London-headquartered Kiln Ltd. for ?442.2 million ($893.8million at current exchange rates).

According to the companies, the transaction will be implementedunder Bermuda law, where Kiln is incorporated. They said theacquisition represents a premium of approximately 40.8 percent overMonday's closing of 106.5 pence per share price before news of salediscussions was announced.

A.M. Best greeted the announcement by putting Kiln ratings underreview with positive implications.

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