Bermuda-based specialist insurance group Hiscox has signed an agreement to acquire RH Specialist Insurance, a specialist UK classic car business of Willis.
The business will continue to operate under the RH Specialist Insurance brand, with the same team based out of the current office in Brentwood, US.
The proposition and appetite, capacity and servicing will continue to be offered by ERS, the company’s long-standing partner.
The transaction is believed to strengthen specialist motor offering of Hiscox, which has been offering specialist and classic car insurance since 2008. Terms of the transaction remain undisclosed.
Hiscox UK and Ireland Art and Private Client head Justin Gott said: "This is an exciting acquisition for us, building out a core line of business and supporting our ambition to be a top five specialist car insurer here in the UK.
"RH Specialist Insurance is a highly respected heritage brand, and we look forward to combining our scale and marketing focus with RH Specialist Insurance’s extensive knowledge and distribution."
As part of the Hiscox Group, RH Specialist Insurance clients will also be provided access to other specialist insurance products available through Hiscox, such as high value home insurance and overseas property insurance in future.
Having provided specialist vintage and classic car insurance to owners and collectors for more than 35 years, RH Specialist Insurance currently works with some of the UK’s prestigious vehicle clubs and their members, such as the Rolls-Royce Enthusiasts’ Club and the Bentley Drivers Club.
Image: Hiscox and Willis reached an agreement for the sale of RH Specialist Insurance. Photo: courtesy of stockimages/ ©2015 FreeDigitalPhotos.net.