Royal & Sun Alliance Insurance has bought Ireland's EGI Holdings for E25.2 million (GBP17.3 million) in cash, in a bid to bolster its product range.
The UK-based insurance group says the acquisition is consistent with its strategy of building leading positions in targeted segments and broadens its product offering.
We have a strong business in Ireland and a track record of delivering profitable performance. The combination of Royal & SunAlliance’s technical excellence and distribution network and EGI’s product expertise creates a platform on which to drive profitable growth, said Simon Lee, CEO of Royal & SunAlliance International Businesses.
In 2005 EGI, which provides personal and commercial motor and liability insurance, delivered a pretax profit of E7 million on net written premiums of E22.5 million.
The transaction is subject to regulatory approvals.