Insurer to underwrite Fyfe group's £10m book
Royal & Sun Alliance has acquired the Fyfe Group, a UK retail and wholesale intermediary specialising in motor trade products for small businesses. In 2007 it delivered £10.1m of gross written premiums.
Following the acquisition, R&SA will underwrite 100 per cent of Fyfe's book of business.
Fyfe Group is a retail and wholesale intermediary specialising in motor trade products for small businesses, through the following brands:
- Road Runner Motor Trade – road risks and liability cover sold direct to the policyholder
- Motor Trade Solutions – similar products sold to other brokers and their customers
- Monthly Motor Trade – monthly road risks cover sold direct exclusively via the net
In a statement, the company the deal complementd its drive towards niche sector expertise within the Broker trading units and will broaden its offering to the Motor Trade market.
Bridget McIntyre, UK Chief Executive said: "Fyfe Group has a proven track record of achieving excellent financial performance. This is an excellent opportunity for R&SA and with Fyfe Group's understanding of the market, one that will enhance and broaden our sector specialism in motor trade."
"This acquisition is perfectly aligned with our strategy of bolt-on acquisitions that build distribution or complement our underwriting capability."
Paul Inskip, Managing Director of Fyfe Group added: "We are very pleased to become part of Royal & SunAlliance. Our new owner has presented the Fyfe team with a great opportunity to take the business forward to a new level and in doing so bring benefit to shareholders, staff, brokers and customers alike."