German-based insurer Munich Re said it has acquired the Roanoke Companies Inc., the holding company of Roanoke Trade Services Inc., a major marine insurance underwriting agency and broker in the United States for $52.5 million. Terms of the deal were not released.

Roanoke was established in Chicago in 1935 and operates as an underwriting manager and broker of marine business. With around 180 employees, the company is represented by 11 branches in nine U.S. states and is licensed in 50 states. Its head office is in Schaumburg, Ill.

In 2007, its income from fees totaled $22 million. The premium volume it placed as a broker came to approximately $100 million. Its stock is held by the management and employees of the company.

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