SPB UK, a subsidiary of SPG Group, has acquired two insurtechs Loyal Insurance Services and Square Pound, better known for their brands Insurance2go and Better Buy Insurance, respectively.
Image: SPB UK acquires Insurance2go and Better Buy Insurance. Photo: Courtesy of alexisdc/FreeDigitalPhotos.net.
The acquisition will support the growth of SPB internationally and enable the company to significantly strengthen its expertise across digital marketing.
SPB claims to have been the seller of insurance for mobile phones in the UK, offering a range of insurance solutions and market services customized to the needs of its clients and customers.
It was also the first insurance business in the UK to have offered a walk-in repair facility. Since 2006, it has been working closely with Loyal Insurance and their partnership proved to be fruitful.
Acquiring Loyal Insurance and Square Pound will strengthen SPB’s presence in the UK mobile phone insurance marketplace. The deal will not have any direct impact on SPB UK’s existing clients and customers, it expects that the deal will bring significant benefits in terms of size, scale and service capabilities.
SPB UK managing director Lorraine Higham said: “We are very pleased with the acquisition of the brands Insurance2go and Better Buy Insurance, which significantly strengthens our position in the UK and contributes to the international growth strategy of SPB Group. This acquisition will allow us to enrich our expertise in digital marketing, accelerating the digitalization of our affinity solutions and further growing our business.”
Presently, SPB has no plans to make any changes to Insurance2Go and Better Buy brands. Loyal Insurance will continue to be managed by Duncan Spencer and Gary Beeston.
In January, SPB Group acquired M-REP in Austria through its subsidiary SPB Services. M-REP specializes in repair and services related to smartphones. Through this acquisition, SPB will offer its repair know-how to the global smartphone leader Samsung Electronics in Austria.
Thus, M-REP will manage on behalf of Samsung two technical repair centres located in Vienna and Graz, Samsung Customer Services Plaza (SCSP).
The acquisition will allow SPB to expand its presence in Europe, as part of its strategy for business development. The company aims to achieve more than 50% of its turnover from international operations by 2020.