Westinsure will retain name and be kept separate from Ink's operations
Broker network Westinsure will continue to trade as normal following the proposed takeover by Giles-owned managing general agency Ink Underwriting.
The Westinsure name will be retained and Ink will become part of the network’s insurer panel. It will be kept separate from the Ink business, forming a network division that Ink is understood to be keen to expand.
Westinsure shareholders are considering the offer and the deal is expected to be completed next month following a series of roadshows.
Ink managing director Mike Smith said: “We see a number of synergies in the two businesses. We have looked at a number of networks but believe that Westinsure’s attributes, combined with our own underwriting capabilities and access to markets, would create the perfect partnership for existing and future members.”
Ink controls more than £100m of premium income. Westinsure has around 200 broker members controlling £300m gross written premium.
Westinsure chief executive Max Hardman added: “Westinsure was keen to find a solution to introduce additional schemes and trading methods quickly and for the benefit of its members, allowing them to continue to trade competitively in the future. The combined premium of Westinsure and Ink would help both parties achieve their respective goals and increase their market presence.”