Capita Group acquires Hero Insurance Services
by Gill Montia
Story link: Capita Group acquires Hero Insurance Services
Capita Group has acquired personal lines broker, Hero Insurance Services; the purchase has been made from LV=, for around £15 million.
Hero was originally the direct insurance subsidiary of Highway Insurance, which the mutual acquired in October of last year.
Its personal lines offering includes the AQuote, 1stQuote, Motorcycles United and Telebikes brands.
According to Capita chief executive, Paul Pindar, the business “operates in a number of areas of the market that differ from, but complement, those in which our existing business, BDML, operates … its acquisition will provide new economies of scale and the opportunity to offer more ancillary products to existing customers”.
Hero employs around 300 staff at sites in Essex, Hampshire and Suffolk and following completion of the transaction its operations will merge with Capita’s insurance distribution business, taking its place alongside the group’s BDML, Lancaster and Thornside brands.
The move will increase policies under management to over 800,000, whilst giving Capita new capacity and expertise.