The U.K.’s Royal & Sun Alliance Insurance Group plc has acquired Martello Underwriting Limited for £38.5 million ($73.2 million) payable in cash. The transaction is subject to regulatory approval.
“Martello is a leading specialist provider of professional indemnity insurance (PI) to small and medium sized professional practices in the UK, including accountants, architects, solicitors and surveyors,” said the announcement. “This transaction delivers on Royal & SunAlliance’s strategy of building leading positions in its target trades and segments.
The Group expects the transaction to be completed in the fourth quarter of 2006. In 2007, the acquisition is expected to generate annual premiums of £40 million ($76 million).
R&SA U.K. Chief Executive Bridget McIntyre commented: “This transaction offers an ideal opportunity for R&SA to strengthen its position in the Professional Indemnity market. The combination of Royal & SunAlliance’s technical excellence and distribution network and Martello’s dedicated expertise in the PI market, creates an attractive platform from which to drive profitable growth.”
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