Angerstein Transit Underwriting Agency, which is part of the Amlin group, has snapped up the renewal rights to Albion's £1 million book of UK cargo business.
The handover, which was effective from January 1, follows Albion's decision to withdraw from the UK cargo market, including the Exports Plus facility which was only available to BIBA members. Albion has informed BIBA of the transfer.
The company explained the move by saying it instead wanted to develop its portfolios in the personal, commercial and financial sectors.
Albion, part of Sterling Insurance Group, will continue to handle the run-off of 1999 and prior underwriting years.
Geoff Doyle, director of business operations at Albion, said: "We chose Angerstein Transit because of its impressive underwriting capability, commitment to high levels of service to the regional broking community and sound financial background."
Adrian Walker, active underwriter of syndicate 902 and chairman of Angerstein Transit, said: "Albion's decision in choosing Angerstein Transit to take over their UK cargo account is a boost to our strategy of targeting regional brokers, giving them the choice and flexibility of approach that the market has been demanding."