Sterling Insurance Group is to acquire Crowe Life Syndicate 982, from 1 January 2002, subject to Lloyd's and FSA approval.
Sterling Insurance Group is to acquire Crowe Life Syndicate 982 from 1 January 2002 subject to Lloyd's and FSA approval.
Crowe Life will be integrated into Sterling Life Limited and will cease to trade as a Lloyd's syndicate. At the same time Sterling will take on all Crowe Life staff and future Lloyd's reporting obligations.
Sterling chairman Nicholas Cooper said: "We are pleased to be taking over the Crowe Life team and book of business. We believe this to be an excellent way of expanding our existing life assurance portfolio.
"Crowe Life has developed strong relationships with intermediaries through both its specialised and mainstream protection products and it is intended that these activities will continue.
"Combining Crowe Life¹s product development expertise with Sterling¹s proven administrative systems will enable us to enhance the service we can offer all our clients".
Crowe Syndicate Management managing director Richard Murphy said: "The Crowe Life book of business has consistently been one of the most profitable in the Lloyd's market.
"By transferring the book of business to Sterling we will secure a continuation of service for both intermediaries and policyholders. The outcome is also satisfactory for our investors."
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