Highway brand will run alongside ABC following acquisiton.
The chief executive of Highway, Andrew Gibson, is to depart the insurer following the completion of its acquisition by LV=.
Gibson will stay on in advisory capacity until the end of the year. Highway Insurance will become part of the LV= General Insurance business led by John O’Roarke. Phil Bunker, currently managing director of ABC Insurance will additionally oversee Highway Insurance. Chris Hill, currently managing director of Highway Insurance will continue in his role and will report to Phil Bunker.
O’Roarke said: “Highway Insurance is a very successful business with high quality staff and is highly complementary to our existing operations. We believe by putting the strengths of LV= and Highway together we will have a strong platform for growth in the broker market, enabling us to compete even more effectively and offer a wider range of competitively priced products to brokers.
“We currently intend to keep the Highway brand as it is and run this alongside ABC Insurance, our existing broker brand. This will mean brokers will continue to benefit from the choice of two different providers, both dedicated to the broker market.”
As LV= is a mutual, meaning it is wholly owned by its members, Highway Insurance will be de-listed from the London Stock Exchange in due course.