Business Services Industry
British Insurer Royal & Sun Alliance to Buy Some Operations of Collapsed Rival.
Knight Ridder/Tribune Business News, July, 2001
By Ruth Sunderland, Daily Mail, London Knight Ridder/Tribune Business News
Jul. 10--Insurer Royal & Sun Alliance yesterday agreed to buy the property and casualty arm of collapsed Independent Insurance in a UKpound 3 million deal that will save 300 jobs.
In a separate development, liquidator PricewaterhouseCoopers is to send up to 200,000 letters to policyholders this week cancelling their cover.
The property and casualty operation, PCS, sold cover to businesses, including Pizza Express, Surrey County Cricket Club, the London Fire Brigade, and to high-income individuals.
The liquidators, Mark Batten and Daniel Schwarzmann, also sold internet operation businessrisk.com, which underwrites policies for small and medium-sized firms,...
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