A Co Wexford underwriting agency with a turnover of €25 million has been bought by Zurich Insurance Ireland for an undisclosed sum.

Wrightway Underwriting Ltd forms part of the Wexford-based Wright Group, associated with Anthony and Breda Wright, which includes a number of separate businesses.

The accounts of Wrightway Underwriting are not lodged in the Companies Registration Office as its liabilities are guaranteed by its holding company. The group had a turnover of €10.7 million in the 2005 year, the latest year for which accounts are available, and pre-tax profits of €2.1 million.

The Wrights could not be contacted yesterday. Zurich, which trades as Eagle Star, said Wrightway Underwriting was "one of the most successful independent underwriting agencies in Ireland". It said both parties had agreed not to disclose the price of the transaction.

Zurich said the existing management team at Wrightway Underwriting "will continue to develop activities in chosen markets. Wrightway is a specialist provider of niche solutions in general insurance. It has particular strengths in the private and commercial motor insurance sector, as well as property and construction related markets."

Wrightway will still act as an intermediary, placing business for its customers with a panel of leading insurers, including Zurich. The business is distributed via a network of 350 brokers.

Patrick Manley, managing director of Zurich Insurance Ireland Ltd, said: "Wrightway underwriting has a proven track record in this market and a widely accepted technical competence in the conduct of the business. This is an appropriate investment for Zurich and another example of our commitment to the Irish market."