Chief executive says the group’s purpose is to ’support flourishing insurance broking businesses with a clear focus on data and technology’
The group has a clear strategy to drive ongoing growth and success by supporting its specialist businesses to grow in their respective niches. It also plans to seek out other potential brands to join the family.
Lucida has been formed through acquisition and organic growth, following Right Choice Holdings buying Moorhouse Group last month and Right Choice Insurance Brokers purchasing the Autosaint, Ladybird and First Van and Motor brands from Fresh Insurance Services Group, a wholly owned subsidiary of Kingfisher UK Holdings. Right Choice Holdings also bought Bennetts Motorcycling Services from The Ardonagh Group in May.
Mike Joseph, Lucida group chief executive, said: “Lucida is a rapidly growing group of best-in-class specialist insurance broking businesses.
”Our purpose is to support flourishing insurance broking businesses with a clear focus on data and technology. We give each business additional support to grow, the backing to innovate and the focus to specialise.
“As a group, we are building strong partnerships with insurers. Through close collaboration we will meet loss ratio targets and drive mutual benefits.
”A key focus within our approach is customer insight, led by data capture and analysis. Whether it’s validation of non-standard motor insurance through Right Choice Insurance Brokers, the use of [motorcycle community website] BikeSocial to engage and excite Bennetts’ riders, or Moorhouse cross-selling commercial insurance products to SMEs - our businesses know their customers.”
The group’s development follows investment from private equity company LDC in 2018 - this led to the portfolio rapidly expanding.
What’s in a name?
Speaking about the choice of name, Ian Owen, Lucida’s chairman, said: “Lucida is the name for the brightest star in a constellation - it fits us perfectly.
”We believe that each business should shine independently, but that they gain strength as part of a bigger picture.
“This is a people-focused group. Our colleagues and their expertise are our biggest strength. We are building a tight-knit family of specialists - not a US/UK corporate entity.
”Most of our leaders have built their own businesses and we want them to continue driving their success. Our aim is for brokers [that] join us to recognise and realise the exceptional benefits they gain from being a part of the Lucida group.”
Current insurance specialisms within Lucida include private car, motorcycle, commercial, breakdown and third party administration services.
Insurance products are distributed under the following Lucida group brands:
- Right Choice Insurance Brokers.
- First Motor.
- Bike Devil.
- XO Broker.
- First Van.