Link owner Guardian General is set to acquire fellow Gibraltar-based insurer Zenith.
Guardian and the shareholders of the Zenith Group have signed a memorandum of understanding under which Guardian would purchase the entire share capital of the Zenith Group, with the exception of Zenith's Lloyd's businesses, which are in run-off.
The purchase will be completed in the next three months, subject to regulatory approval and due diligence. On completion, the Zenith Group will be integrated into Guardian's Gibraltar operations.
As Zenith and Link both operate as brands in the UK personal lines market, it is anticipated that both businesses will continue trading as separate brands. It is also intended that current agency arrangements with each of the insurer's broker partners will remain unchanged.
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