Broker boss warns M&A threatens stability of classic car market

The stability of the classic car and specialist vehicle insurance market could be at risk following the recent sale of one of its sector’s biggest companies, warns one of its remaining independent brokers.

In response to the recent sale of Footman James by Aon to Towergate, Peter James and Stewart Miller Insurance company director Peter James, said: “Although Towergate is an excellent company, the involvement of such major corporate companies within this specialist sector of the insurance market has, on many occasions, not been successful.”

Aon completed its sale of Footman James to Towergate yesterday, while Capita confirmed in mid-November that it had sold its loss-making insurance divisions, which included Lancaster, another classic motor broker, to insurer Markerstudy.

“The smaller, independent brokers with their emphasis on service and low cost, low margin basis of operation have continually demonstrated their unique value for the classic car owner,” James, the original co-founder of Footman James added.

James has more than 37 years’ experience in the provision of classic car and specialist vehicle insurance. He founded Footman James in 1983 and sold his shares to Aon in 2007.