Exhibit 99.2
IMMEDIATE |
| 13 NOVEMBER 2006 |
Royal & SunAlliance acquires Martello Underwriting Limited
Royal & Sun Alliance Insurance Group plc announces the acquisition of Martello Underwriting 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, including accountants, architects, solicitors and surveyors. This transaction delivers on Royal & SunAlliance’s strategy of building leading positions in its target trades and segments.
The Group expects the transaction to complete in the fourth quarter of 2006. In 2007, the acquisition is expected to generate annual premiums of £40m. The transaction is subject to regulatory approval.
Bridget McIntyre, UK Chief Executive, Royal & SunAlliance, said: “This transaction offers an ideal opportunity for R&SA to strengthen its position in the Professional Indemnity market. The combination of Royal & SunAlliance’s technical excellence and distribution network and Martello’s dedicated expertise in the PI market, creates an attractive platform from which to drive profitable growth.”
-ENDS-
For further information:
Analysts | 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 |
Important Disclaimer
This press release contains forward looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. The forward looking statements are based on management’s current expectations or beliefs as well as a number of assumptions about future events, and are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward looking statements. The agreement is subject to the execution of definitive documents by the parties. The Company does not assume any obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.
Issued by Royal & Sun Alliance Insurance Group plc 9th Floor One Plantation Place 30 Fenchurch Street London EC3M 3BD Telephone +44 (0)20 7111 7136 Facsimile +44 (0)20 7111 7451