Capita Insurance is to acquire BDML Connect from insurance group BDML.
Capita said it would make an initial cash payment of £26m for the personal lines provider. It would add up to £9m to the final price dependent on future business performance over the 30 months to 31 December 2007.
The acquisition also includes BDML Connect's pet insurance division Thornside, and the recently formed subsidiary BDML Insurance Solutions, which specialises in niche products.
Capita said BDML Insurance Solutions would focus on new business opportunities arising from local authority and travel/leisure sectors.
Capita Group executive chairman Rod Aldridge said: "This acquisition is an important step. The strategic relationships with insurers and clients of BDML Connect will directly contribute to the growth and sales pipeline of Capita Insurance Services, while also enhancing our end-to-end insurance utility offering."
The acquisition is subject to FSA approval.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
