New acquisition to operate as a division of broker K. Drewe

Lloyd’s insurer Canopius has bought Golfplan International Insurance, a specialist golf insurance agency.

The company, an official supplier to the Professional Golfers’ Association, will operate as a new division of K. Drewe Insurance Brokers, which Canopius bought last year.

K. Drewe specialises in providing insurance to the UK leisure sector.

“This acquisition increases our customer base significantly and provides us with a valuable new distribution hub for Canopius’s UK retail ambitions,” Canopius’s UK retail head of distribution Douglas Young said in a statement. “We welcome Golfplan and their staff to our group.”

The Golfplan acquisition closely follows comments from Canopius executive chairman Michael Watson saying his company was seeking further bolt-on agency and broker acquisitions for its UK retail business.

“Part of the UK retail strategy is about pushing a little further down the distribution chain and closely integrating that with our underwriting capabilities,” Watson told Insurance Times in March.