NEM (WI) Insurance Ltd., a member of the Guardian Holdings Gp. has acquired the issued share capital of Link Underwriting Agency Ltd. from Rubicon Corp. UK. Link is a Managing General Agent in the UK domestic motor,
household and accident and health markets, serving over 4,000 brokers and binder accounts with an estimated premium
income for 2003 of 87 million pounds sterling.
NEMWIL is also in the process of making an application to the Financial Services Commission in Gibraltar to establish an insurance company which will provide the capital for Link’s ongoing business. The sale and purchase of Link is subject to the regulatory approval of the Gibraltar based insurance vehicle.
The acquisition of Link and the creation of an insurance company in Gibraltar strengthens the presence of NEMWIL in the UK retail market and establishes a strong base from which it can grow with Pan European expansion.
The total investment to the GHL Group in this transaction is approximately 16 million pounds sterling.
