Ink rubber-stamps Westinsure takeover

Ink Underwriting has completed its acquisition of Westinsure Group for an undisclosed sum after the network's shareholders backed the deal.

The Giles-owned underwriting agency said the Westinsure brand will remain unchanged follwing the acquisition.

It added that both parties will work together to launch new products to complement the existing offering.

Ink will join Westinsure's panel of insurers with immediate effect, providing a bespoke underwriting service or placement facility, either underwritten by Ink or placed via its Lloyd’s broker, FSJ.

Mike Smith, managing director of Ink said: “Ink’s acquisition of Westinsure allows us and its Members to bring together our capabilities to provide insurance solutions like no other in the market. Whether underwritten or wholesale, we will be able to deliver a solution for the majority of Westinsure member’s needs. It is an exciting time in the development of both businesses and we look forward to working with the Members as we grow and develop our respective brands.”

Westinsure chief executive, Max Hardman, added: "We are delighted that 100% of our Members agreed that this acquisition by Ink provides a platform to introduce additional schemes and trading methods quickly and for the benefit of members, allowing them to continue to trade competitively in the future.

"Our vision remains unchanged - to be the preferred support model for community-based brokers and insurers through a long-term low cost distribution channel. Through INK this vision will be both enhanced and secured for the future.”