UK motor insurer Highway has purchased rival coverage provider 1st Quote for a total of GBP6.6 million.
As a result of the acquisition of MRB Insurance Brokers Limited, which trades as 1st Quote, Highway’s retail division has entered the UK top 12 general insurance intermediaries, the insurance provider said in a statement. The acquisition brings a further 60,000 policies to Highway Retail, taking its total portfolio of policies to over 170,000.
Romford, UK-based MRB was purchased for a total of GBP6.6 million plus further performance-related payments. Its previous owner Martin Brown remains on the MRB board as a non-executive director, while the remainder of the management team will continue to develop the business as part of Highway Retail.
Since the launch in June last year we have quickly grown from handling 8,000 to 170,000 policies whilst simultaneously building a very efficient infrastructure and strong management team. Highway Retail is not however resting on its laurels…by acquiring MRB we have instantly promoted Highway Retail into the top 12 UK general insurance intermediaries, but we have a lot more growth planned for the future, commented Paul Cosh, managing director of Highway Retail.