Broker chief executive hopes the deal marks the ‘first of many acquisitions’
Right Choice Insurance Brokers has (RCIB) bought the Autosaint, Ladybird and First Van and Motor brands from Fresh Insurance Services Group, a wholly owned subsidiary of Kingfisher UK Holdings, for an undisclosed sum.
The deal, which is effective from today (20 April 2021), will see the teams who sell and service the Fresh motor brands, as well as the corresponding in-force book of business, transfer to Right Choice.
The acquisition is designed to expand Right Choice’s proposition, providing a broader footprint and additional knowledge across telematics, young driver insurance and commercial vehicle cover.
Speaking on the deal, Mike Joseph, chief executive of Right Choice, said: “I am delighted that we have been able to acquire these award-winning brands together with the team; both will bring new strengths and experience to the group, including telematics and commercial vehicle expertise.
“Following this transaction, Right Choice will now have offices in both Romford and Redditch and we welcome our Right Choice Midlands team into the family.
“We hope that this is the first of many acquisitions for Right Choice Group, enabling us to find the best products and prices for every customer’s needs. We thank Kingfisher for their help in achieving a smooth transaction as we do our great team of advisers at Hines Associates and Stephenson Harwood.”
Jacquie Boast, chief executive of Kingfisher, added: “We are delighted that we have found a new owner for these brands with RCIB, [which] is a perfect fit for these non-standard books of business.
“Kingfisher is a leading specialist and niche insurance group and these brands did not align to that focus, hence our decision to sell.
“We have retained the home products and Kingfisher Insurance will continue to provide standard motor and home insurance to our affinity partners, as part of providing a fully-tailored customer solution.”