Aquilo Sells ABS Home Contents Replacement Division

Newly de-listed Aquilo has sold off the home contents replacement arm of its insurance operation as part of an ongoing streamlining process since last week’s withdrawal from their securities exchange.

The insurance company, Aquilo, boasted several distinct operations servicing the insurance market on an independent level. Today’s transaction sees one such branch sold off, along with its asset infrastructure and existing client portfolio.

The company had until last week been listed on the AIM market, before deciding to delist and focus the overall business operation. As a consequence, Aquilo has experienced sweeping changes in structure and policy in the short time since the ambitious move.

Aquilo Business Solutions was sold with trade business and assets to leading contents replacement company Powerplay Direct for an undisclosed sum, narrowing the focus of Aquilo in the insurance market as another step towards refining the corporate structure.

The news comes just days after Aquilo offloaded its claims response division AIRS to complimentary maintenance company Rok in a move work an anticipated £2.1 million, which saw it leave the maintenance and response repair market behind.

Powerplay Direct has suggested that the acquisition of ABS on an assets basis would help cement it at the forefront of the insurance home contents replacement market, allowing it to establish more of a strangle-hold within the industry.

ABS, to be designed Powerplay Direct Business Solutions, will look to use its larger size as an advantage in the market, and to allow a platform for cross selling innovative products and services to insurance company clients.

Amongst some of the most notable services to be offered by the new company is in the fraud prevention arena, and is designed to more effectively probe claimants in regard to substantial claims, with the overall view of reducing customer premiums and operative efficiency.

Category: Companies News, Insurance News