Rha Insurance Services, the lorry insurance specialist, is separating from its parent company Aon Risk Services after a succesful managment buyout.

RHA was founded in 1983 by Aon and the Road Haulage Association.

Director Grahame Cook, who led the buyout, said the new team would continue to dedicate RHA's services exclusively to the association's members but also develop innovative new products such as their Risk Aware loss control programme.

“The management buyout gives us the freedom and independence to take decisions quickly, to invest in the business and to focus more closely on meeting the needs of our customers,” he said.

Association chief executive Roger King welcomed the buyout and the major investment programme that followed.

“We're confident our members will see real benefits,” he said.

Birmingham corporate finance advisers Invex and solicitors Lee Crowder helped arrange the buyout.