Insurer Royal & Sun Alliance has acquired specialist retail and wholesale intermediary Fyfe Group for an undisclosed sum.
UK-based Fyfe Group, which specialises in motor-trade products for small businesses, delivered £10.1 million of gross written premiums in 2007.
Royal & Sun Alliance (R&SA) said that it will underwrite 100 per cent of Fyfe's book of business following the takeover.
R&SA's UK chief executive, Bridget McIntyre, said: "This is an excellent opportunity for R&SA and with Fyfe Group's understanding of the market, one that will enhance and broaden our sector specialism in motor trade.
"This acquisition is perfectly aligned with our strategy of bolt-on acquisitions that build distribution or complement our underwriting capability."
London-based R&SA is the UK's largest commercial insurer and despite registering increased losses due to the UK floods in June, reported an after-tax profit of £237 million for the first half of 2007.
Shares in R&SA at 13:00 GMT were down by 0.50p, a decrease of 0.38 per cent from yesterday's close.
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