Academy Insurance Services has brokered a deal to acquire an Allianz business arm to bolster its expansion in the North West.
The multi-specialist broker has negotiated a transaction to acquire the entire equity share of Allianz Business Services Ltd, which operates under the name Premierline, integrating the latter’s specialised commercial insurance services, which are primarily offered throughout the UK, into its portfolio.
Premierline, established in 2001 as Premierline Direct, launched the UK’s first direct-to-consumer commercial insurance offering. It became a subsidiary of Allianz in 2006, later expanding through the acquisition of Willis BusinessCare in 2015, and rebranded as Premierline Business Insurance Broker four years later.
The company, based in Lancaster, has a workforce of nearly 90 professionals and serves approximately 17,000 clients, ranging from small enterprises to significant corporate entities. Premierline’s insurance partner panel, consisting of over 40 carriers, is expected to open new avenues for the Academy Group.
Gilles Normand, chief executive officer of Academy, stated that the deal was a pivotal element of Academy’s strategy for growth and development, aiming to establish a widely respected national brand.
Academy plans to leverage Premierline as its central operational hub in the North West region, complementing its existing presence in the South and West, and to seek out further acquisitions to strengthen its network.
“In five years, we intend to become the market benchmark for impeccable service to customers,” Normand said. “The Premierline team are hugely valuable to us: Their skillset complements the Academy Group and will enable us to accelerate our growth plan. In doing so, we intend to maintain and nurture the high level of professionalism within the Premierline team after they become part of our group.”
Helen Bryant, Allianz Commercial’s managing director of digital & legal protection, recognized Premierline’s contribution to the industry and expressed confidence in Academy Insurance as the ideal successor to build on its achievements.
“Our focus now is on our people and we will be providing those involved our full support at this time of change. I’d personally like to thank our people, customers, partners and suppliers for all the support they’ve provided to us over the years,” Bryant said.
Looking ahead, Normand anticipates 2024 will be a significant year for Academy, noting that the acquisition is “a growth story.” The broker notably underwent a major brand refresh in October.
“We have our sights set on other acquisitions where vendors are looking to create a good return from their life’s work, but also seeking a home for their business which sits easily with their own values,” Normand said.
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