U.S.-based NSM Insurance Group’s UK subsidiary, Vantage Holdings, has acquired Fresh Insurance Services Group Ltd,. an insurance broker based in Redditch, West Midlands that specializes in non-standard personal lines products, motor trade, van and travel insurance.
Vantage Holdings was acquired by NSM Insurance Group in December 2016.
According to its website, Fresh Insurance, which was started in 2002, has become one of the largest privately owned personal lines insurance brokers in the UK. The firm employs more than 250 staff across its two offices in Redditch and Bracknell. Over the last six years, the group has seen year on year growth of more than 20 percent, with gross written premium exceeding £60 million.
Fresh Insurance operates under several brand names including Autosaint (telematics product for young drivers); First (inexperienced drivers and travel insurance); Fresh Home (hard-to-insure residential properties); insureOK (hard-to-insure drivers); Ladybird (non-telematics and hard-to-insure drivers as well as motor homes and classic cars) and MotorTradeDirect (road risk coverage for motor traders, valets, car dealers, vehicles in stock, mechanics and tyre and exhaust fitters).
Vantage is known for its Classic Insurance Services (classic cars); ClubCare (camping and caravanning); Cork Bays & Fisher (travel industry); Enhance (medical professionals); Imaging (photographers, film labs, journalists) ; Shield (motorhomes) and other bands.
Geof McKernan, CEO of NSM Insurance Group, said the deal is part of NSM’s planned growth and expansion in the UK.
John Collyear, CEO of Vantage, said a key aspect of this growth strategy is to expand the agency’s specialist insurance operations. “[W]e were particularly attracted to Fresh because of the nature of their business and their distribution model. They, like us, are highly niche, and their expertise in non-standard personal lines products, such as young drivers and hard to insure household, will complement our growing portfolio of specialist insurance business.”
NSM Insurance Group’s insurance programs include social services and behavioral health; catastrophe-driven property; collector cars; workers’ compensation; staffing; sports and fitness; breweries and wineries; professional liability for architects and engineers; and pet insurance.
White Mountains Insurance Group bought a majority stake in NSM in April in a transaction valuing NSM at approximately $388 million.
Topics Mergers & Acquisitions Agencies
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