LV= managing director outlines SME ambitions in exclusive interview
LV= could be tempted by acquisitions in the SME space, according to general insurance managing director John O’Roarke.
The insurer is targeting 10% annual growth in SME business and posted a 14% rise in commercial broker business to £80m in the first six months of 2012.
LV= bought Highway Insurance for £150m in 2008 as it targeted a place amongst the top five UK motor insurers.
In an exclusive interview with Insurance Times, O’Roarke said despite a priority at group level to redress the balance in the life business, the focus in the GI business is now on growing in commercial.
“If we had sufficient capital, then it would make sense for us to look at some bolt-on acquisitions on the SME side,” he said.