Groupama has completed the purchase of Carole Nash Insurance Consultants for an undisclosed sum.
The acquisition has received formal regulatory approval from the FSA.
Carole Nash is one of the UK's top 30 brokers with over 240,000 policyholders. The business controls in excess of £60 million in premiums and is one of the UK and Ireland's biggest motorcycle insurance intermediaries.
It is also a major player in the classic car insurance sector, the largest independent fitter of motorcycle security products and provides a range of added-value car, household and travel policies.
Pierre Lefèvre, chairman and chief executive of Groupama UK said: “This is an important strategic acquisition for our Group and one that offers us almost unrivalled access to a number of niche markets and presents the opportunity for valuable profitable growth.
“Carole Nash is a market leading business with excellent people, tremendous market knowledge and highly respected products. The business has a very strong brand presence in its chosen areas and we will be supporting the existing management team to maximise the potential of the Carole Nash brand.”
Carole Nash employs 350 staff in five locations in north-west England and in Ireland. Groupama said they will be unaffected by the acquisition and that it will continue to be “business as usual” as far as employees and customers are concerned.
The Carole Nash business will operate entirely separately from Groupama Insurances, with its own business plan and a separate management team reporting to the UK Group's main board.
Lefèvre added: “We have purchased Carole Nash for its acknowledged expertise and customer service skills and we have no immediate plans to make any changes. Our intention is to invest in the business to drive its growing success.”
As part of the sale agreement, Carole Nash, who founded the business in 1985, will be retiring. However, Groupama will be retaining her in an ambassadorial role.
Allister Hill, the current managing director of Carole Nash remains in place, heading the existing managing team and will report to Pierre Lefèvre, who will chair the Carole Nash board.
Carole Nash said; “Although I am obviously sad to be retiring from a business that has been my life for the past 21 years, I am very confident that I will be leaving it in safe hands.
“Throughout the sale negotiations I have been very impressed by the way that Groupama does business. They are an organisation with strong values, excellent financial security and some very exciting plans for the ongoing success of the Carole Nash brand.”
