Friday, March 1, 2024
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PRINCIPAL STRIKES AGAIN

Only a few days after it acquired 5000 bike policies from iGO4 Partners, Manchester-based specialist motorcycle insurance broker Principal has bought a smaller 500-strong bike policy book from Simply Insurance.

Commenting on this latest purchase, Principal chairman Damian Keeling said: “We’re in the market for niche books which are non-core to general broking businesses, as was the case with Simply, as well as specialist brokers themselves. There are a lot of relatively small specialist books out there which might be underperforming or be draining executive time within wider businesses. These may be attractive to us but not considered substantial enough for purchase by larger nationally or internationally backed businesses. We also look to do quick and clean deals, not contingent on anything so as to minimise cost and complexity.”

 

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