R&SA acquires Fyfe Group
Royal & Sun Alliance (R&SA) has acquired the Fyfe Group, a motor trade insurance broker based in Purley, Surrey.
Fyfe, which specialises in products for small businesses, recorded gross written premiums of £10.1 million in 2007, and following completion of the transaction R&SA will underwrite 100% of its business.
This includes retail and wholesale policies marketed under the following brands: Road Runner Motor Trade (road risks and liability cover sold direct to the policyholder); Motor Trade Solutions (a similar range of products sold to brokers and their customers); Monthly Motor Trade (a monthly road risks cover available only online).
The acquisition forms part of R&SA’s strategy of expanding in niche markets, while also extending its offering to the motor trade.
Bridget McIntyre, the group’s UK chief executive says: “Fyfe Group has a proven track record of achieving excellent financial performance … this acquisition is perfectly aligned with our strategy of bolt-on acquisitions that build distribution or complement our underwriting capability.”
Paul Inskip, Managing Director of Fyfe added: “Our new owner has presented the Fyfe team with a great opportunity to take the business forward to a new level and in doing so bring benefit to shareholders, staff, brokers and customers alike.”
Category: Companies News, Insurance News
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