Claims Management Group (CMGL) is poised for "aggressive growth" following its purchase by Sovereign Capital and the CMGL management from Zurich.

CMGL managing director Jerry McArthur said growth would be both organic and through acquisitions to meet the growing demands of its targeted companies.

"The company will grow aggressively," he said.

Phillip Conboy, director of private equity provider Sovereign Capital, said CMGL would now target growth in the corporate FTSE top 300 and in the Lloyd's market.

"We have the funds to follow on development in our two key markets," he said.

He said Sovereign had a "multi-million pound" war chest ready to make acquisitions globally.

Conboy added: "We expect to bring on new teams to diversify our range of services".

Sovereign said it had been in talks to acquire CMGL from Zurich for two years. It said the rapid growth of the company in the past five years had forced Zurich to consider selling the run-off firm.

"CMGL's profile has risen considerably in the last year. It would be difficult, as a provider of insurance services to several insurers, to continue growth as a member of Zurich."

CMGL manages $5bn in gross liabilities globally. It also manages insurance schemes on behalf of Lloyd's syndicates and FTSE companies.

The company said that existing contracts and relationships would continue.