Car Care Plan acquires assets of motor insurance broker that entered administration

Car Care Plan has acquired the assets of motor insurance broker Verex Insurance Services Limited after the firm entered administration.

Last week (18 August 2023), the FCA announced that the directors of Verex had applied to place the firm in administration.

The regulator also revealed that Verex Assitance Limited, one of the firm’s appointed representatives (AR), had also entered administration.

Gary Pettit, of PBC Business Recovery and Insolvency Ltd, was appointed administrator.

However, in a new post on Verex’s website, it was revealed that the business and assets of both companies have now been acquired by Car Care Plan.

The firm is a motor insurance agency based in Bradford and has over 40 years’ experience in the automotive sector.

The move

In its own statement, Car Care Plan revealed that the move will see it take over the services previously provided by Verex to administer insurance policies.

The firm said it was “delighted” with the acquisition and highlighted that Verex employees would be joining the team.

In a message to customers, it added: “We want to reassure you that if you have paid your premium or if are still paying in instalments to Verex Premium Finance, your policy purchased via Verex is still valid and will continue to be covered as normal.

“If you have any queries regarding your policy, or would like to make a claim, then please use the contact details in your policy documentation.”