Prestige Insurance Holdings (Prestige) has today announced the acquisition of Autoline Insurance - a Northern Ireland brokerage that provides a wide range of personal, business and commercial lines.
The deal, which remains subject to final regulatory approval, follows a major investment into Prestige by US-based private equity firm, Capital Z. Once approved, Prestige will buy the full shareholding of Autoline’s parent company.
Prestige was established in Newtownabbey in 1973. The acquisition of Autoline will take its size to over 700 employees, delivering a range of insurance services including broking, underwriting, insurance software and claims management.
“Following the investment brought by our new majority owners, Capital Z, we have openly stated that we have ambitious plans for growth of the Group,” said Prestige CEO, Trevor Shaw (pictured). “Very much like our own business, Autoline has a customer-centred approach and a strong reputation, which makes it an excellent fit and an obvious choice for acquisition. As a newly combined management team we will utilise the knowledge and experience of both businesses for the benefit of our customers and for maximum growth in Northern Ireland and beyond.”
Autoline was established in Newry in 1975 and was acquired by Michael Blaney in 1997. As well as being a successful brokerage, the firm has gained recognition for developing an award-winning young driver app called Chilli Drive.
Michael Blaney, managing director of Autoline, commented: “We believe this is the right and best approach to building on the value we’ve created in recent years for our customers and employees at Autoline. I’m confident this will deliver enhanced opportunities and benefits for both customers and staff going forward.”
Once the deal is approved, Shaw says customers of both businesses “can be confident their current insurance cover will not be affected.” He added: “Both businesses have a successful track record and we will be firmly focused on ensuring business as usual for all customers and staff.”