The Bermuda-based Hiscox Group has purchased 49 percent of UK Professional Indemnity broker and underwriting agency, Allison and Partners Insurance Services for an undisclosed price. The deal includes an option to buy the remaining 51 percent in the future.
“Allison & Partners is a well established broker and underwriting agency which specializes in advising the professional business community with particular expertise in recruitment consultants and the construction sector,” said the announcement. The Company was privately owned.
Commenting on the purchase Steve Langan, Managing Director Hiscox UK, stated: “Allison & Partners is a good fit for Hiscox, we are market leaders in the provision of office based liability insurance and like us, they are passionate about customer service. We are looking forward to growing with them.”
Allison & Partners founder Jim Allison commented: “This is a very exciting time for us, we have been working with Hiscox for years and we appreciate their understanding of our clients’ businesses. This deal represents a new phase in our business and we are proud to be associated with Hiscox.”
Source: Hiscox – www.hiscox.com
Topics Mergers & Acquisitions Agencies
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