Rent Shield Takes Stake In Lloyd Broker
NU Online News Service, March 5, 11:30 a.m. EST?Rent Shield Corp., a program manager, said it has agreed to acquire a 49 percent interest in Dashwood, Brewer & Phipps Ltd, a Lloyd's insurance broker for U.S. $2.7 million.[@@]
The acquisition in Dashwood would allow the firm to recapture brokerage expenses on placements of insurance related to its business operations through the Lloyd's markets. This includes the recently launched residential rental guarantee program.
The transaction is still subject to regulatory approval.
Rent Shield said it would pay Dashwood ?1.5 million. The sum will be funded by brokerage commissions earned by Dashwood from insurance placed by Rent Shield through Dashwood.
Rent Shield, based in Miami, is offering a residential rental guarantee program in the U.S. and Canada (see NU News Wire, Dec. 15, 2003).
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