Fast-growing bike insurer Principal, which has its HQ in Manchester, has acquired a Kendal-based specialist motor broker from big-league insurance group Marsh. General manager Kat Blayden-Byrne and five other Marsh staff have transferred with the business.
Formerly known as Peart Insurance Brokers, the company was owned by Principal chairman Damian Keeling before he sold it to Central Insurance Services in 2008. It was subsequently bought by Marsh in 2014.
Commenting on this latest expansion, Keeling said: “While we’re acquiring an excellent book, the real value to Principal of this deal is the specialist knowledge and experience which the Kendal team will bring to our business. They are known throughout the industry as one of the most capable and expert teams when it comes to writing non-standard motor business. This will help consolidate and grow our position in the specialist niche motor markets in which we already have a solid footprint while taking us into new specialist territories.”
With turnover and premiums set to double in its current financial year, Principal’s performance has been enhanced by a Dublin presence launched in April to serve the Irish motorcycle market and growing UK revenues, and Keeling is keen to buy more books of business and brokers to develop further.
“We began in motorcycles, a sector in which we’re now a strong player, and also offer a portfolio which embraces non-standard cars, vans and motor trade lines,” he added. “The aim is to complement our impressively strong organic growth with strategic acquisitions to build our specialist niches.”