Principal Insurance takes gross premium intake to £10m with key acquisition
Manchester-based Principal Insurance has completed the acquisition of motorcycle insurance book from Rampdale Ltd which trades as Rampdale Insurance Brokers.
Spanning a broad spectrum of motorcycle categories, the near 7,000 strong book has particular strengths in the scooter and commuter bike categories.
The group now administers more than £10m in gross written premium through its Manchester headquarters and offices in Lancaster and Dublin.
The deal will take Principal’s total policy count to almost 40,000 as the fast-growing specialist group continues to consolidate its position within its market niches.
As well as motorcycle cover the Principal also operates specialist motor, van and commercial insurance operations.
Principal managing director Dave Bowcock said: “Rampdale had built a relatively small but strong book which neatly complements our existing presence in the motorcycle insurance sector. It in particular deepens our footprint within the growing scooter and commuter bike sectors which strategically are important to us.
“We also believe that, through our existing schemes and the strength of our panel, we can offer greater choice and value to Rampdale policyholders.”
The deal marks Hertfordshire-based Rampdale’s exit from a sector in which it has been active for some 20 years and comes following managing director John Coates’ decision to retire from the insurance business.
Coates said: “I feel that in selling to Principal I’m placing the book in good hands and that this deal is in the best interests of policyholders.”
Since being founded by Mr Bowcock in 2011, Principal has primarily secured its growth organically. However this has also been complemented by a series of acquisitions. These include Bike Team, Complete Bike Cover, Simply Insurance’s motorcycle book and a specialist motor insurance broking business from Marsh.
“While Principal will continue to grow and grow fast under our own steam, we will also seize relevant acquisition opportunities as they arise within our portfolio niches,” added Bowcock.
“They may be books which are non-core to a business’s wider operations or brokers themselves.”
News of the Rampdale deal follows the group announcing a massive surge in both turnover and profits for its last financial year.
The group reported a near 500% increase in post-tax profits which hit nearly £320,00 for the year ended October 31 2016. Turnover grew by some 140% to £3.8m.
