French broker enters UK market with acquisition of six Leicester-based firms

French specialist real estate and construction insurance broker Odealim Group has entered the UK market for the first time with the purchase of a slew of Leicester-based insurance firms.

The deal – arranged with capital backing from private equity firms TA Associates and Ardian – sees Odealim Group take charge of Rhino Trade Insurance, Rhino Home Protect, Rhino Protect, Vantage, Quest and Independent Certified Practising Accountants (ICPA).

An online-only proposition, Rhino Trade Insurance offers specialist protection for self-employed tradespeople, while Rhino Home Protect specialises in home buyers’ and sellers’ protection insurance. Rhino Protect, meanwhile, deals in wholesale insurance policies for add-on legal expense insurance.

Vantage offers tax free protection insurance schemes covering the fees incurred when responding to HMRC enquiries, while Quest offers business support services including HR support, health and safety training and business insurance.

Expanded offering

Finally, ICPA is the UK’s largest accounting membership organisation, also offering accounting practice insurance, professional indemnity insurance, management liability insurance and tax fee protection.

As highlighted in a recent report on M&A activity in the UK insurance distribution sector from investment banking and consulting firm MarshBerry, the purchased firms shared “common ownership” and the suite of purchases can largely be considered as one major deal.

Global advisory firm Oaklins S&W, which acted as sell-side M&A advisor during the deal, added that the purchase “expands [Odealim Group’s] offering with specialist insurance products, advisory services and membership-based solutions delivered through digital channels, intermediary schemes and strategic partnerships”.