Fast-growing motorcycle specialist Principal Insurance has acquired the bike book of Rampdale Insurance Brokers. The latter’s exit from the market follows a decision by its managing director John Coates to retire, BDN financial editor Roger Willis reports.
Rampdale’s book of about 7000 bike policies will take Principal’s total policy count to almost 40,000. The company now boasts more than £10m in gross written premium.
Commenting on the deal, Principal managing director Dave Bowcock (pictured) said: “Rampdale had built a relatively small but strong book which neatly complements our existing presence in the motorcycle insurance sector. It in particular deepens our footprint within the growing scooter and commuter sectors which strategically are important to us. We also believe that, through our existing schemes and the strength of our panel, we can offer greater choice and value to Rampdale policyholders.”