13th Nov 2006 09:36
\* TIMMEDIATE 13 NOVEMBER 2006\* T \* T Royal & SunAlliance acquires Martello Underwriting Limited\* T Royal & Sun Alliance Insurance Group plc announces the acquisition of MartelloUnderwriting Limited for £38.5m payable in cash. Martello is a leading specialist provider of professional indemnity insurance(PI) to small and medium sized professional practices in the UK, includingaccountants, architects, solicitors and surveyors. This transaction delivers onRoyal & SunAlliance's strategy of building leading positions in its targettrades and segments. The Group expects the transaction to complete in the fourth quarter of 2006. In2007, the acquisition is expected to generate annual premiums of £40m. Thetransaction is subject to regulatory approval. Bridget McIntyre, UK Chief Executive, Royal & SunAlliance, said: "Thistransaction offers an ideal opportunity for R&SA to strengthen its position inthe Professional Indemnity market. The combination of Royal & SunAlliance'stechnical excellence and distribution network and Martello's dedicated expertisein the PI market, creates an attractive platform from which to drive profitablegrowth." -ENDS- For further information: \* TAnalysts Press------------------------------------------------------------Helen Pickford Phil Wilson-Brown------------------------------------------------------------Tel: +44 (0) 20 7111 7212 Tel: +44 (0) 20 7111 7047------------------------------------------------------------Andrew Wigg Simon Moyse (Finsbury)------------------------------------------------------------Tel: +44 (0) 20 7111 7138 Tel: +44 (0) 20 7251 3801------------------------------------------------------------\* T Important Disclaimer This press release contains forward looking statements asdefined in the U.S. Private Securities Litigation Reform Act of 1995. Theforward looking statements are based on management's current expectations orbeliefs as well as a number of assumptions about future events, and are subjectto factors and uncertainties that could cause actual results to differmaterially from those described in the forward looking statements. The agreementis subject to the execution of definitive documents by the parties. The Companydoes not assume any obligation to update any forward looking statements, whetheras a result of new information, future events or otherwise. Copyright Business Wire 2006Related Shares:
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