Company makes first acquisition since MBO
Hastings Direct has agreed to acquire specialist broker Renew Insurance Services.
Renew has two main brands: Renew, which works to address the insurance needs of the over 40s, and Likewise, which works with younger customers. The acquisition is subject to FSA approval.
Edward Fitzmaurice, Hastings Direct chief executive, said: “The deal will bring together Hastings Direct’s strong brands and customer base with Renew’s specialist broking skills and systems. Together we will be able to meet even more of our customers’ insurance needs”
Renew's founder and Chairman Paul Steffens added: “Bringing the teams at Hastings Direct and Renew together is a very exciting development, as the obvious synergies that exist between the two organisations when combined will create a best of breed enterprise that will deliver outstanding results."
Adrian Parry, Renew managing director, will be responsible for insurer relations across the group. He said: “Renew will continue to accelerate its natural growth via the web and affiliate schemes. The marriage with Hastings Direct offers a huge opportunity to expand within our Newmarket call centre. We are looking forward to building on our relations with insurers given the combined scale of businesses.”
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