Carole Nash buys Co-op motorcycle insurance book
MOTORCYCLE insurer Carole Nash has bought Co-operative Insurance’s 5,000-strong motorcycle book, for an undisclosed sum.
The deal, effective from next month, will see Co-op Insurance exit the motorcycle market.
Altrincham-based Carole Nash said the acquisition would bolster its position in the marketplace and added that it was looking to acquire more motorcycle books – but not brands or brokers – from companies whose motorbike cover is not a core activity.
Chief executive David Newman said of the deal: “[It] illustrates the high esteem in which Carole Nash is held by our industry peers. As you might expect from such an ethically driven business, The Co-operative ensured its customers’ needs were paramount in the bid process and clearly saw in Carole Nash a company that shared many of its values.”
David Neave, who heads up The Co-operative Insurance, said: “We closely examined the credentials of all those who expressed an interest and determined that Carole Nash could best deliver the protection, value and service our motorcycle customers deserve.”
It is the second major deal struck by Carole Nash this year. In January it won a three year contract to broker motorcycle insurance on behalf of Harley-Davidson Financial Services and took over HDFS Europe, covering the UK and Ireland, which accounts for some 7,500 policies.
The intermediary provides insurance for around 300,000 classic, vintage, modern, custom and off road motorcycles, equivalent to around a quarter of all licensed machines.
