Kwik-Fit Insurance has bought 100% share capital of Express Insurance
Kwik-Fit Insurance has completed its first acquisition, gaining 100% of the share capital of Express Insurance Services for an undisclosed sum.
Express has an annual turnover of around £9m and employs over 150 staff at its Birmingham headquarters. The deal has created the potential capacity for up to 30 new jobs.
Specialising in motorcycles, performance cars and non-standard risk drivers, the company was an ideal choice for Kwik-Fit Insurance filling niche areas that the firm is looking to expand upon. Express has a strong internet presence and also provides an affinity scheme for a leading motorcycle manufacturer.
Managing director of Kwik-Fit Insurance, Martin Oliver said: “We are delighted that Express is joining the Kwik-Fit Insurance family. It possesses a strong brand and, through its specialisms, is an excellent strategic fit for us. This, combined with its good use of the internet, will give us additional access to markets where we are currently under-represented as well as significantly increasing our footprint in the market.
“Since our launch in 1995 the business has gone from strength to strength becoming one of the UK’s leading insurance intermediaries.
“The management team is committed to the continued success and development of the company and our first acquisition being of such a well established firm reflects our thirst for growth.”
Express director, Peter Moroney, added: “We are excited about becoming part of Kwik-Fit Insurance since this presents many opportunities for additional business growth which will be good for our customers, insurance company partners and staff alike.”
Kwik-Fit Insurance has an annual turnover of around £50 million and claims that it handles 10 million calls each year.