Evolution Insurance Services plans to buy personal lines firms

A new consolidating broker for personal lines has been created out of ASA Insurance - the broking business sold by AXA to Markerstudy boss Kevin Spencer in December 2002.

The new company, called Evolution Insurance Services, is interested in buying predominantly personal lines brokers, said ASA Insurance chief executive Simon Clayton.

Kevin Spencer added that the company would be interested in buying companies with a premium income of £100m per year but brokers of any size would be considered. He said that there was no time pressure on the buying process and that raising funds for such a deal was not difficult at the moment. He added that the new company would consider all kinds of deals including ones where Evolution would take a minority stake.

  • Meanwhile ASA has launched a three-year motor insurance policy. Clayton claimed that the policy was the only genuine three-year policy and did not include an annual renewal.
  • "Discounts are built in at the beginning of the policy to take into account increasing no claims and other issues," said Clayton.

    The new policy will be launched at this year's Motor Show 2004. Other new initiatives for the show include a three-year policy for commercial vehicles.