Plans are being finalised for the take-over of the Colchester-based Crowe Insurance Group.
But none of the 220 Colchester jobs will be affected.
The deal is in the final stages for Stockton Reinsurance to take over firm, which has its headquarters in Bergholt Road.
Michael Crowe, chairman of the Crowe Insurance Group, said: "Stockton Re is an excellent partner for us. Stockton Re's input will greatly benefit the group's onward growth and profitability."
The takeover will not affect jobs in Colchester, and the company will continue to run as before.
Crowe's six syndicates specialise in aviation insurance and reinsurance, marine reinsurance, UK liability and term life products as well as underwriting private and commercial motor risks.
It has nine UK offices and bases in Canada, Hong Kong and Italy.
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