1st Apr 2008 09:30
Royal & SunAlliance acquires Sertus Underwriting Limited in Ireland Royal & Sun Alliance Insurance Group plc announces the acquisition of SertusUnderwriting Limited in Ireland. Sertus Underwriting Limited is a well established business within the Irishmotor and household insurance market. In 2007 it achieved Gross Written Premiumsof EUR 16.5m (£11.3m). The transaction is consistent with Royal & SunAlliance'sstrategy in Ireland of building leading positions in targeted segments. Simon Lee, Chief Executive of Royal & SunAlliance International Businesses said,"We have a strong business in Ireland and a track record of deliveringprofitable performance. This transaction represents an exciting opportunity tocombine technical excellence with strong distribution and supports the deliveryof our objective of sustainable, profitable performance". Local regulatory approval has been obtained. --ENDS- For further information: \* TAnalysts Press-------------------------------------- -------------------------------------Shona Cotterill Thomas Coops/Sarah Hilyer-------------------------------------- -------------------------------------Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047/7327-------------------------------------- -------------------------------------Wendy Hardy Simon Moyse (Finsbury)-------------------------------------- -------------------------------------Tel: +44 (0) 20 7111 7140 Tel: +44 (0) 20 7251 3801-------------------------------------- -------------------------------------\* T Notes to editors: 1. Royal and SunAlliance is one of the largest general insurance companies inIreland and a leading insurer in the Property and Commercial sectors. 2. Sertus Underwriting Limited was established in 2004 and provides motor andhome insurance through a network of insurance intermediaries. 3. At 31 December 2007 Sertus' Gross Assets were EUR 3.5m (£2.57m). 4. Sertus Underwriting Limited's Gross Written Premiums and Gross Assets areconverted at the relevant exchange rates. Important Disclaimer This press release contains forward looking statements as defined in the U.S.Private Securities Litigation Reform Act of 1995. The forward looking statementsare based on management's current expectations or beliefs as well as a number ofassumptions about future events, and are subject to factors and uncertaintiesthat could cause actual results to differ materially from those described in theforward looking statements. The agreement is subject to the execution ofdefinitive documents by the parties. The Company does not assume any obligationto update any forward looking statements, whether as a result of newinformation, future events or otherwise. Copyright Business Wire 2008Related Shares:
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