Royal & SunAlliance Acquires EGI Holdings Ltd.

Royal & SunAlliance Insurance Group plc has acquired Ireland’s EGI Holdings Ltd. 25.2m (17.3m) payable in cash.”EGI is a well established business with strong positions in a number of specialty lines,” a Royal & Sun Alliance press release says. “In 2005 it delivered a profit before tax of 7m (4.8m) on net written premiums of 22.5m (15.4m).” Royal & SunAlliance says the transaction is part of its strategy to establish leading positions in targeted segments and broadens its product offering.Simon Lee, chief executive of Royal & SunAlliance International Businesses, says the insurer has a strong business presence in Ireland where it has seen significant profit. “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,” Lee says.The transaction is subject to regulatory approvals, according to Royal & SunAlliance.