Noble Marine is the UK’s leading provider of insurance for sailing dinghies and other pleasurecraft. Acquired by RSA in 2011 from its founders in a sale managed by Resolution Partners, RSA concluded that the business had become non-core and wished to find an exit.
The main highlights of the transaction are:
- Quasi-MGA, generating attractive portfolio underwriting profits;
- Strong interest from brokers and MGAs – more than 30 expressions of interest;
- Transaction concluded with a new market entrant we identified, on favourable terms;
- RSA had specific transaction requirements – to retain the underwriting on the same commission terms whilst maximising value in the sale; and
- The Vendor provided very limited warranties and indemnities.
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