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Daily Insurance Industry News
Monday 20th of August 2018
November 8, 2007

Equity Acquire Diamond

by Stewart Douglas

Story link: Equity Acquire Diamond

Insurance brokers Equity have today announced further steps towards expansion, with the news that it had acquired Northern Irish broker Diamond Insurance in what has been its 19th acquisition overall over the last few years in its aggressive growth strategy.

The news will see Equity enhance its standing in the Northern Ireland market after acquiring the business and assets of Diamond Insurance, further increasing its lead at the top of the market as the most prominent regional provider of insurance policies.

Diamond was established in Ballymena, County Antrim to provide consumer insurance services, largely personal insurance products. Additionally it has the supply of certain commercial buyers in its business lines, which are currently a growing division of its business.

The move will see Diamond integrated within the current business infrastructure of Equity, whilst the company today said it was prepared to maintain all current staff employments. It is thought that the Diamond brand will be allowed to continue to run as before within the Equity group entity.

Speaking today on the move, Equity director Mike Hutton said that Diamond’s strong car insurance brand identity, along with its firm positioning within the Irish market would help make it an invaluable asset to the Equity group.

The move sees Equity announce its 19th acquisition in recent years, in pursuit of its ongoing growth strategy within the domestic marketplace. The expansion will see it grow further ahead in the Northern Irish market, whilst benefiting from the strong UK presence of Diamond car insurance.

It remains to be seen whether Equity, with a dedicated acquisitions director, will continue its strong and rapid growth in the coming twelve months and whether it will look to increase even further beyond its previous 19 insurance group acquisitions.

 

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