Tokio Marine subsidiary agrees to purchase Leicester-based broker

Tokio Marine HCC has announced its subsidiary has signed a purchase agreement to buy the contractor insurance division of Qdos Holdings.

HCC International Insurance Company PLC has agreed to buy Qdos Contractor, a provider of insurance products and services to the growing UK independent contractor and freelancer market.

Christopher J.B. Williams, Tokio Marine HCC’s chief executive said: “We are pleased to acquire this outstanding agency and welcome its team of professionals to Tokio Marine HCC.”

Barry J. Cook, chief executive of Tokio Marine HCC International: “This acquisition is a great addition to our very successful UK based Professional Risks Division.  We look forward to the growth opportunities provided by this well-established brand and innovative platform.  We are also pleased to bring this talented team into our group.”

Founder and chairman of The Qdos Group, Stephen J. Greenwell added: “This acquisition shows that Tokio Marine HCC has great confidence in the sustainable growth potential of this specialist sector of the UK insurance market.  Placing the business into the hands of this global brand gives our staff an excellent future and a rapidly growing client base.  We have worked with Tokio Marine HCC for over ten years now, and they share our values, know our staff and importantly, understand the needs of our clients.”

Alf Gordon, chief executive of The Qdos Group said: “This deal marks the start of an exciting new chapter for Qdos Contractor, after what has been a very successful period for the company.  Following the restructuring of the group, we focused on driving growth through innovation and technology.  With Tokio Marine HCC now at the helm, we are confident Qdos Contractor will build on its recent success.”

The transaction is subject to regulatory approvals in the UK and Japan, but is expected to be finalised by the fourth quarter of 2018.