Friendly society LV= (formerly Liverpool Victoria) has completed the purchase of Britannia Rescue...
Friendly society LV= (formerly Liverpool Victoria) has completed the purchase of Britannia Rescue from the Civil Service Motoring Association (CSMA) for £36 million.
The purchase follows CSMA member approval.
LV= said the acquisition of Britannia, the UK’s fourth largest roadside rescue provider with approximately 300,000 customers, was further evidence of its ambitious plans to expand its general insurance business substantially over the next five years.
The total value of the transaction is approximately £36 million, of which £18 million has been paid in cash to CSMA on completion.
LV= becomes the sole provider of roadside rescue and recovery services to CSMA members, in addition to motor and home insurance.
The Britannia Rescue name will be retained, and LV= plans to expand the business significantly through a number of channels, including insurance brokers and corporate partners.
“We have serious business ambitions for the coming years and this deal is the next important step. It will help us increase market share by offering an even broader range of products and services
Mike Rogers, Group Chief Executive of LV=
The business will retain its 80 staff based in Huddersfield. LV= said it wass committed to maintaining and expanding its presence in the town.
Mike Rogers, Group Chief Executive of LV= said: “We’re delighted to announce the acquisition of Britannia Rescue from CSMA. We have serious business ambitions for the coming years and this deal is the next important step. It will help us increase market share by offering an even broader range of products and services, giving our customers and members access to an excellent value road rescue service.
“We already recommend Britannia Rescue services to our own motor insurance customers, and will now be able to offer our broker clients and corporate partners a superior option within the market for competitive white-label road rescue services.
“We’re also pleased to be deepening our long-standing relationship with CSMA members, by supplying them with a market-leading roadside rescue service, as well as their motor insurance products, which we already provide.”
Britannia Rescue says it reaches around 50% of breakdowns within 30 minutes and 92% within one hour, one of the best performance records in the industry.