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LONDON Royal & Sun Alliance Insurance Group P.L.C. has entered into a joint agreement in a bid to access the burgeoning eastern European and Russian insurance markets.
R&SA has signed an agreement to acquire 50% of GDII - Global Direct Insurance Investments B.V., a joint venture with Direct Insurance Financial Instruments Ltd.
GDI's main operation is Poland's leading direct motor insurer, Link4. It recently launched DIRECT Pojistovna, a direct insurance operation in the Czech Republic. GDI also expects to start writing business in Russia next year.
R&SA will pay £44 million ($87.6 million) cash for a 50% shareholding, together with a further £44 million to fund future growth, £16 million ($31.9 million) of which will be contributed at completion for working capital requirements.