RSA Insurance Ireland Limited announces the acquisition of Benchmark Underwriting Limited.
Benchmark is an underwriting agency offering commercial and personal lines insurance solutions. Established in 2004, the company is based in the International Financial Services Centre in Dublin and has established a strong record of growth and profit. 2007 Gross Written Premium was circa €10m.
The transaction is consistent with RSA’s profitable growth strategy in Ireland and intent to build lead positions in targeted general insurance segments. Post acquisition, Benchmark will continue to operate under its own brand and structure.
Philip Smith, Chief Executive, RSA Insurance Ireland said, “We have a very strong business in Ireland and this acquisition reflects our intent to achieve further profitable growth. The combination of RSA’s technical excellence and distribution network and Benchmark’s targeted product offerings creates an exciting platform for the future”.
Benchmark’s Director, Martin Kennedy stated:- “Benchmark’s expertise in target segments and our distribution relationships will be significantly bolstered by the RSA scale, financial rating and technical insurance disciplines. The acquisition marks a very positive development for our company, staff and business partners”.
The acquisition announced today builds on RSA’s strong record of investment and growth over the past couple of years – a period which has seen the business:
1. Acquire Europa General Insurance (2007)
2. Acquire Sertus Underwriting (2008)
3. Launch a new global ‘RSA Brand’ (2008) – previously Royal & SunAlliance
4. Relocate to new state of art Headquarter Offices in Dundrum, Dublin 14. (2008)
5. Domesticate the Irish business (2009) – involving a €100m injection in additional capital into the local business.
