Royal & SunAlliance has announced its acquisition of Martello Underwriting, a specialist provider of professional indemnity insurance, for GBP38.5 million, subject to regulatory approval.
Martello offers its services to small and medium sized professional practices in the UK, including accountants, architects, solicitors and surveyors. The transaction is in line with Royal & SunAlliance’s (R&SA) strategy to build leading positions in its target trades and segments.
The transaction is expected to draw to a close in the fourth quarter of 2006. The acquisition is anticipated to bring in annual premiums of GBP40 million in 2007.
This transaction offers an ideal opportunity for R&SA to strengthen its position in the professional indemnity market, said Bridget McIntyre, UK chief executive of R&SA. The combination of Royal & SunAlliance’s technical excellence and distribution network and Martello’s dedicated expertise in the professional indemnity market, creates an attractive platform from which to drive profitable growth.