Fortis has confirmed that its UK subsidiary Fortis (UK) Limited has acquired OutRight, a UK-based personal lines insurance provider.
Based in the northwest of England, OutRight is a leading player in the insurance solutions sector focused on delivering intermediated solutions to the UK affinity, brandassurance and broking sectors. Its product offerings, which are sourced through a panel of insurers comprising many of the UK’s major insurers, include motor, household and travel insurance.
The new business will be added to Belgium-based Fortis’ growing UK operations, which provide a full range of personal and small package commercial insurance products from offices in Eastleigh and Gloucester.
The value of the purchase was not disclosed however, as a potential indicator, OutRight had a turnover of E21 million last fiscal year.
Peer van Harten, CEO of Fortis Insurance International commented: The acquisition of OutRight is an important step for Fortis Insurance International in the implementation of our strategy. First of all OutRight provides an additional growth opportunity, as it will enhance our capability in the fast growing affinity-based distribution segment of the UK personal lines insurance market.
Secondly, this will expand our distribution capabilities via eg. brandassurance, brokers, etc, demonstrating our focus on multi-channel distribution. Finally OutRight brings us the opportunity to offer new and value adding services to our distribution partners in the UK, thereby strengthening our relationship with them.