Insurer buys Sertus Underwriting
Royal & Sun Alliance has acquired Irish insurer, Sertus Underwriting.
Sertus, a household and motor insurer, wrote EUR 16.5m (£11.3m) of business in 2007. The move follows the insurer's acquistion of motor trade specialist broker, the Fyfe Group, in February. In November 2006, RSA acquired professional indemnity specialist Martello Underwriting for £38.5m.
In a statement to the stock exchange, the insurer said the acquisition of Sertus was "consistent with Royal & Sun Alliance's strategy in Ireland of building leading positions in targeted segments."
Simon Lee, chief executive of Royal & Sun Alliance International Businesses, added: "We have a strong business in Ireland and a track record of delivering profitable performance. This transaction represents an exciting opportunity to combine technical excellence with strong distribution and supports the delivery of our objective of sustainable, profitable performance."
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