Kwik-Fit Acquires Express Insurance
by Gill Montia
Story link: Kwik-Fit Acquires Express Insurance
Kwik-Fit Insurance has made its first acquisition and purchased 100% of the share capital of Express Insurance Services, which is based in Birmingham.
The latter has an annual turnover of approximately £9m and employs over 150 staff. Express sells strongly on the Internet and also provides an affinity scheme for a major motorcycle manufacturer.
The company specialises in insuring motorcycles, performance cars and non-standard risk drivers. The acquisition is in line with Kwik-Fit’s strategy of expanding into niche markets and will give the company access to sectors where it is under-represented.
Kwik-Fit Insurance was launched in 1995 and has since become one of the UK’s leading insurance intermediaries. Annual turnover is currently in the region of £50 million, with approximately 10 million calls handled each year.
The company has ambitious expansion plans and the recent acquisition is expected to create up to 30 new jobs. Financial details of the transaction have not been disclosed.