The Zurich Financial Services Group announced the acquisition of 100 percent of Wexford, Ireland-based Wrightway Underwriting Limited following receipt of the necessary regulatory approvals.
Zurich described its new acquisition as “one of the most successful independent underwriting agencies in Ireland with a turnover of €25.5 million [$34.87 million] as of December 2006.”
The terms of the acquisition were not disclosed.
Zurich said: “The existing management team at Wrightway Underwriting will continue to develop activities in chosen markets. Wrightway is a specialist provider of niche solutions in General insurance. It has particular strengths in the private and commercial motor insurance sector as well as property and construction related markets. Wrightway will still act as an intermediary, placing business for its customers with a panel of leading insurers, including Zurich. The business is distributed via a network of brokers nationwide.”
Source: Zurich – www.zurich.com
Topics Mergers & Acquisitions
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