UK motor insurer Highway Insurance Holdings has announced that it will acquire 32,000 private car policies from Local Broker, an insurance intermediary brand that is part of the Budget Group, through its subsidiary Hero Insurance Services Limited. The total considered purchase price amounts to GBP2 million.
In addition, Hero has appointed ACM ULR Limited, also part of the Budget Group, to provide the group with motor legal protection services.
Commenting on the arrangements, Paul Cosh, managing director of Hero, said: I am delighted with this deal as it represents another significant step in positioning Hero as a leading player in the personal lines distribution sector. In addition, it develops further Highway’s relationship with the Budget Group, which is one of Highway Insurance Company Limited’s largest distributors.
The transaction will be funded by Hero’s own cash resources.