owner wants name to reflect insurance focus

NCI Vehicle Rescue is planning a name change to NCI Insurance Services as it looks to sell more car policies and branch into home and pet insurance.

Managing director Neil Richards-Smith said the name of the business – which began by only selling breakdown policies – was confusing to customers.

NCI yesterday reported that GWP increased 16.1% to £9.72m in the six months to 30 September.  

Around £1.5m of that premium comes from breakdown cover for 90,000 policyholders. The remainder is insurance premiums for 30,000 mainly motor customers.

NCI markets insurance policies under the Rescuemycar and Cover4Pets brand. Its policies are underwritten by Elite Insurance and it is looking for other capacity providers to add to its panel.  

It plans to expand pet insurance substantially in coming months, and is working with SSP to add home insurance policies to its platform. Its home insurance policies will be sold under the NCI Insurance brand next year.

Richards-Smith said it would hit £23m premium in its full year results at the end of March, with pre-tax profit of £1.3m.

It expects the name change to be approved by shareholders and Companies House in six weeks.