Associated team of underwriters will also move across to RDG
Ryan Direct Group has acquired AmTrust Underwriting’s SME commercial combined portfolio.
The book of business is worth around £3.5m of net written premium.
The team of underwriters responsible for the business will also transfer across to Ryan Direct Group.
The team will be based in RDG’s London office.
AmTrust’s Lloyd’s operation, AmTrust at Lloyd’s, will continue to provide the underwriting capacity for the business.
The companies expect the deal to be finalised in November.
AmTrust Underwriting is the underwriting agency division of insurance group AmTrust. The agency will continue to underwrite and develop AmTrust’s personal accident and travel account.
RDG chief executive Derek Coles said: “The commercial combined SME portfolio is a highly attractive addition to our comprehensive range of general and specialist insurance products and will enable us to balance the commercial book alongside RDG’s personal lines business.
“We look forward to bringing it into our portfolio in order to deliver further growth in our distribution services unit.”
AmTrust at Lloyd’s chief executive peter Downey added: “This agreement allows us to build on our existing relationship with RDG, using their leading TPA position in the market to enhance our commercial combined offering and develop the portfolio, allowing us to focus on and develop our personal accident offering.”