Speculation mounts that Kwik-Fit is in the frame to buy Express Insurance
?Express Insurance is understood to be up for sale with speculation mounting that Kwik-Fit is in the frame to buy the motor intermediary.
The company, which also provides cover for home, fleet and travel and has an annual turnover of around £6m, is understood to have been on the market for a number of months.
It is regarded as an ideal fit for the insurance arm of the breakdown and repair specialist, Kwik-Fit.
A senior broker source, told Insurance Times: “If it is Kwik-Fit then the model works very well and is similar to the AA and Taylor Price model.”
Kwik-Fit Insurance, which handles 10 million calls every year, denied it was bidding for Express, which was unavailable for comment.
If the deal is agreed it would be the first acquisition for Kwik-Fit Insurance Services, which was established in 1995 and has grown to become one of the UK's leading motor insurance intermediaries.
Its parent company, which was founded by Tom Farmer, was sold to CVC Europe in 2002 before being sold again in 2005 to PAI Partners.