Rent Shield buys Lloyd’s provider

Rent Shield Corp., which provides specialized insurance and reinsurance products, has signed a letter of intent to purchase Toronto-based Canadian Intermediaries Ltd. (CIL) for $5 million in stock and cash.Rent Shield chairman Stephen Stonhill is the majority shareholder in CIL, and says, “the acquisition of CIL should be an ideal vertial fit for the Rent Shield business model as we continue to expand our offerings of pass-through risk specialty insurance and reinsurance products.”CIL specializes in hard to place liability and credit insurance covers, and is an established representative for Lloyd’s underwriters.Stonhill adds that Rent Shield plans to make further strategic acquisitions.