Kiln has announced that its wholly owned subsidiary, R J Kiln & Co, has acquired the Hong Kong-based underwriting agency International Reinsurance Services for the benefit of Names on Syndicate 510.

IRS will be renamed Kiln Asia. Kiln has a long association with IRS and with Tony Weinert-Aplin, the founder and chief executive officer of IRS. Weinert-Aplin, who has over 30 years' experience in the region, will become Kiln Asia's regional director of business development. The consideration payable is an initial sum of US$1.12 million (£590,000) followed by an estimated deferred amount of US$1.25 million (£660,000) over the earn out period of five years.

Edward Creasy, Kiln's chief executive officer said, “This is an exciting step forward for Kiln. Asia has long been a key market for us, and the formation of Kiln Asia in Hong Kong will give us access to a range of profitable regional business that does not currently come to London.”