LMG enhances service with acquisition of Helphire’s “Guild” units
by Gill Montia
The Loss Management Group (LMG) has outlined the benefits of its acquisition of two businesses from Helphire, the vehicle accident replacement group.
The Guild Claims Service and The Guild of Valuers and Jewellers have been purchased for £300,000.
The former provides jewellery claims services to insurers, including claim validation, repairs and replacement through a retail network of around 1,900 jewellers; the latter is a jewellery valuation service.
LMG is already a leading claims specialist for damage, loss or theft of jewellery, watches, collectables, art and antiques and ownership of the units means the company will be offering Guild clients additional services, such as home visits and the validation of Asian jewellery, art, antique and collectible claims.
Chairman, Julian Radcliffe, explains: “It is well recognised that jewellery claims are amongst the most difficult items to validate and replace. The merger of the two leading independent jewellery claims companies will provide insurers and their policyholders with greater depth of service. It will increase the volume of jewellery which can be replaced by our network of jewellers – and replacement is favoured over cash-settlement.”
The acquisition will increase the number of claims on LMG’s books by around 8,000 and all Guild staff will transfer to the new owner.
For Helphire, the disposal forms part of a strategy of focusing on its core accident management operations.
The firm has been struggling since last year when the credit crisis and high petrol prices reduced the number of vehicles on the UK’s roads and subsequently, the number of accidents.