Credit and financial risk insurer CBL is planning to acquire France-based Securities and Financial Solutions Europe (SFS) for €94m.
The purchase would also include SFS’ claims management operation, IMS Expert Europe.
SFS is a managing general agent that underwrites specialist construction-sector insurance products on behalf of insurers in France.
The firm also recently opened branches in Spain and Luxembourg.
The company offers insurance solutions for building professionals of all sizes, including real estate promoters, craftsmen, contractors, builders of individual homes, main contractors and architects.
It provides a range of technical coverage options for property damage, liability and financial guarantees.
IMS is a claims management business, which covers the claims for SFS and other third party clients. It generates revenue from claims management fees.
Subject to regulatory processes and consents, the deal is expected to complete by the end of this October.
SFS principal owner Patrice Gilles said: "I am delighted that the long established partnership between SFS and CBL would continue on into the future under this planned transaction."
CBL managing director Peter Harris said "SFS is complementary to our existing MGA based in the UK, European Insurance Services Limited, (EISL), which also distributes construction-sector insurance products in France.
"SFS and IMS would add significant specialist skills and resources that would enable CBL to grow both businesses."
Image: CBL to acquire France-based Securities and Financial Solutions Europe. Photo: courtesy of adamr / FreeDigitalPhotos.net.