Moorhouse will become a sister company to Bennetts and Right Choice Insurance Brokers
Right Choice Holdings has completed its acquisition of Caerphilly-based broking house Moorhouse Group.
Established in 1990 by founder Lyndon Wood, Moorhouse Group will become a sister company to Bennetts Motorcycling Services and motor insurance broker Right Choice Insurance Brokers (RCIB) under the Right Choice Holdings umbrella.
On completion of the transaction, Moorhouse Group’s current chief operating officer Linda Haggett will be promoted to become managing director. Existing chief executive Lyndon Wood, meanwhile, will transition into a strategic consulting role.
Moorhouse Group’s operations in Caerphilly, Wales will also be expanded over the coming months - the acquisition will present no disruption or service changes for the broker’s current UK-based clients, Right Choice Holdings added.
Mike Joseph, Right Choice Holdings’ chief executive, said: “I am really excited to be welcoming [Wood], [Haggett] and the team to our business.
”The Moorhouse Group is well known and respected in the commercial insurance marketplace and the constructaquote.com brand gives us huge opportunities to grow and develop online distribution for SME customers.
“It has been great to get to know the Moorhouse management through this process and we thank the team for their help in facilitating a smooth transaction, as we do the advisors at Hines Associates and our legal team at Stephenson Harwood.”
Important step change
The acquisition of Moorhouse Group and constructaquote.com is another important step change in the growth trajectory of Right Choice Holdings, which targets acquisitions with sector specialisms that can offer differentiated products with capabilities and teams that complement one another.
Following this deal, Right Choice Holdings will have offices in Coventry, Peterborough, Romford, Redditch and Caerphilly.
Moorhouse Group distributes products to commercial customers digitally under its constuctaquote.com brand, as well as provides wholesale services through regulated insurance brokers and in person through a team of trusted advisors.
Wood said: “We are 31 years old and have been at the forefront of technology in insurance for over two decades, with several global firsts. Selecting Right Choice Holdings as the acquirer was an easy decision.
“We wanted to exit to a company with strong customer and employee values [that] had a clear sense of direction, supported with an experienced top team.
”I wanted to leave a legacy and do right by our customers, our local community, Wales, our employees and business. I am looking forward to the continuation of our journey and working with the expanded team - exciting times.”
RCIB specialises in non-standard risks. The business, which has more than 225,000 customers, in April completed the purchase of the Autosaint, Ladybird and First Van brands from Fresh Insurance Services Group, augmenting its proposition with a broader footprint and more expertise in the telematics, young driver and commercial vehicle areas.
Ian Owen, chairman of Right Choice Holdings, said: “At Right Choice Holdings, our philosophy is to be the best home for niche insurance businesses where we can leverage expertise across our group to supercharge their growth.
“Adding the considerable expertise of the Moorhouse team in the commercial sector breaks exciting new ground for us and we are thrilled to have the opportunity to work together to further develop the proposition in this specialism.”