A rapidly expanding insurance group, based in Manchester, has announced another key acquisition as it looks to consolidate its position within niche markets.
Principal Insurance has completed a deal for the motorcycle insurance book of Rampdale – picking up a 7,000 strong book that is particularly focused on both the commuter bike and scooter categories.
“Rampdale had built a relatively small but strong book which neatly complements our existing presence in the motorcycle insurance sector,” said Principal Insurance managing director Dave Bowcock. “It in particular deepens our footprint within the growing scooter and commuter bike sectors which strategically are important to us.
“We also believe that, through our existing schemes and the strength of our panel, we can offer greater choice and value to Rampdale policyholders.”
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Bowcock added that this may not be the end of the company’s acquisitions after it reported a near 500% increase in post-tax profits for the year ending in October, while turnover increased 140% to £3.8 million.
“While Principal will continue to grow and grow fast under our own steam, we will also seize relevant acquisition opportunities as they arise within our portfolio niches,” he said. “They may be books which are non-core to a business’s wider operations or brokers themselves.”
Rampdale has been active in the sector for 20 years but will now leave the area. The move is largely sparked by the decision of managing director John Coates to retire from the insurance business.
“I feel that in selling to Principal I’m placing the book in good hands and that this deal is in the best interests of policyholders,” he explained.
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