Transfer of motor portfolio follows Ecclesiastical’s exit from motor insurance
Equity Red Star has acquired the renewal rights to Ecclesiastical-owned Ansvar’s motor insurance portfolio following Ecclesiastical’s decision to exit the motor insurance market.
Equity Red Star will offer renewals on the motor policies, which include private car, van and minibus motor insurance business, immediately.
Equity Red Star, underwriting director Mark Bacon said: “Equity Red Star is delighted to be able to take on this specialist book of business, following Ecclesiastical’s decision to remove itself from this section of the insurance market.
“We believe that our focus on specialist motor risks makes us well placed to handle this transferred business and, on our side, its acquisition strengthens our market share within the specialised motor market – an area where we see room for strong growth.”
The acquisition follows Equity’s sale by parent Australian parent IAG to Aquiline Capital Partners and brokers Barnett & Barnett and NBJ to a management buy-out for £87m. That deal should complete by July 2013. At the time of the sale IAG said it expected to incur a net loss after tax of approximately $240m (£149m) in respect of the UK business in in its full year results of 30 June 2013.
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