Kingfisher sells broker following business review

Kingfisher Insurance Services has sold its specialty broker Cork, Bays and Fisher (CBF) to Advantage Financial Services (AFS).

CBF is an insurance broker that provides bonds and liability insurance to tour operators and travel agents.

The deal will see AFS snap up the firm’s brand, book of business and the majority of its team.

Kingfisher had approached AFS about acquiring the business following a review of its insurance products and services.

“We were delighted when Kingfisher approached us about acquiring the business,” Paul Nunn, director of AFS, said.

“CBF is a longstanding, well established and respected brand which holds great kudos in the industry and has been driven by a team with real expertise of the market and the intricate financial protection products which underpin the travel sector.”

The deal

As part of the move, CBF will be managed by Heather Haggis, head of AFS.

The broker will also continue its operations as a standalone entity and has access to resources from the wider AFS group.

“We envisage a very smooth transition of ownership for all parties and stakeholders and remain confident there will be no impact on the level of service currently provided,” Nunn said.

Mark Bacon, chief product officer of Kingfisher, added: “Following a comprehensive review of our insurance products and services, Kingfisher decided that it was in our clients’ best interests to transfer all operations and activities to AFS.

“After initial conversations with Paul and the wider team, it became quite clear that they were ideally placed to take on the business as, just like CBF, they are a specialised insurance broker who are wholly focused on the travel sector as well as delivering high quality customer service.”