UK motor insurance news
12/06/2007

Cheap car insurance provider acquires specialist broker

The insurance intermediary Roadsure has bought Premium Choice, a broker with £10m in gross written premiums, which specialises in cheap car insurance for young drivers and motorists with convictions.

This acquisition marks Roadsure's first major acquisition in the specialist motor insurance market and reinforces the company's foothold in this area. It is part of the firm's plan to increase its gross written premiums to £25m, which it expects to reach between 2010 and 2012.

A spokesperson for the cheap car insurance provider said: "It's good to kick-start to where we want to be. Our broking division target is £100m.

"Acquisition is very much our strategy. To try to grow organically to that size is going to be very slow and very costly."

He continued: "[Premium Choice] is a different footprint of business to Roadsure. We are a very nice, low premium company, where Premium Choice has premiums three to four times higher than us."

 

 

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