Link owner Guardian General is set to acquire fellow Gibraltar insurer Zenith.
Guardian and the shareholders of the Zenith Group of companies have signed a memorandum of understanding under which Guardian would purchase the entire share capital of the Zenith Group with the exception of Zenith's Lloyd's businesses, which are currently in run-off.
The purchase will be completed in the next three months.
On completion, the Zenith Group would be integrated into Guardian's Gibraltar-based operations. As Zenith and Link have brands in the UK personal lines market, it is anticipated that both businesses would continue trading as separate brands.
It is also intended that current agency arrangements with each of the insurers' broker partners would remain unchanged.
