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PRINICIPAL BUYS INTO MORE BIKE BUSINESS

Fast-growing specialist powered two-wheeler broker Principal Insurance has made its third acquisition this year, buying the A & A Group’s Complete Bike Cover motorcycle book. Prinicipal says the deal will add more than 2000 policy holders to its portfolio.

A & A reportedly sold the book to concentrate on its core car, van and home insurance business. Similar reasons were cited when Principal acquired BikeTeam from iGo4 and Simply Insurance’s motorcycle book in January.

Commenting on this latest purchase, Principal MD Dave Bowcock, right, said: “The Complete Bike Cover book is relatively small but solid and one which can benefit from our specialist expertise. It will add further mass to our motorcycle business, which is already benefiting from significant organic growth and has established us among the key players in this niche.”

 

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