Martello Underwriting Limited holding company said it is selling its insurance agency business to Royal & SunAlliance for ?38.5 million ($73.2 million) in cash. Both firms are based in London.
The firm holds Martello Professional Risks Limited, the specialist professional indemnity insurance agency, which trades as PI Direct, PI Brokerlink, Magian Underwriting and Saturn.
Martello, founded in 1997, is a large provider of professional indemnity insurance in the U.K. The company says it provides insurance for virtually all professions and with approximately 30,000 policies.
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