Lothbury Group has acquired the renewal rights to collapsed broker Target Underwriting's book of business.

Professional indemnity specialist Target was put into administration last month.

The reason for the collapse of the broker is unknown.

The last time Target filed a full report to Companies House, it reported an operating loss of £21,290 for the year ended 31 October 2003 on a turnover of £1.58m.

Lothbury chief executive David Howard said: "Target was a professional indemnity broker which handled accounts for Saturn Underwriting and Chinese Insurance Company."

The renewal rights, he said, were acquired for "several millions".

He added Lothbury Group had also acquired a team of five, including former Target Underwriting managing director David Marriott.

The FSA register noted the broker as being "in administration".

The administration is being handled by David Rubin & Partners.

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