Direct Group acquires Millennium Insurance

by David Masters

Story link: Direct Group acquires Millennium Insurance

Yorkshire-based Direct Group has acquired Midlands-based Millennium Insurance for an undisclosed amount.

Direct Group provides insurance to the UK financial services market, including financial institutions, corporates, and affinities. Millennium Insurance offers insurance to mortgage brokers and independent financial advisers.

The acquisition is part of Direct Group’s three-year plan to triple in size through organic growth and acquisitions.

Last August, Direct Group was subject to a £40 million management buyout, backed by Barclays and private equity firm LDC.

CEO of Direct Group, Derek Coles, said of the acquisition: Millennium provides Direct Group with a front end sales proposition for our Corporate and Affinity customers offering a full range of General Insurance products across both Personal and Commercial lines.

It fits well with our established policy Administration and in house Claims management businesses allowing the Group to access new markets and provide a broader range of services to both new and existing customers, added Mr Coles.

We have examined a number of opportunities since the buyout last year and with the distribution and capability Millennium provides Direct Group this is an excellent fit, concluded Mr Coles.