As its director exits, uncertainty looms over the motorbike specialist’s future. What works for Lark and Bollington might not work for Groupama’s other main UK broker
Today we revealed that Carole Nash director Simon Jackson is on his way out of the motorcycle broker.
The company has played down the experienced director’s exit, stating that it was always his intention to remain in the role for just three to four years. But his exit comes at a time when the company is facing an uncertain future.
Owned by Groupama, it is part of a clutch of brokers that is being hived off by the French insurer. It sits within the UK portfolio alongside Lark and Bollington, as well as Groupama Insurance Company.
Despite no sales looking close to going through at this stage, the management at fellow broking outfits Lark and Bollington are already well advanced in negotiations with private equity backers over potential management buy-outs. Both have sought backing and have an appetite for a deal, but there has been no indication yet as to what the future holds for Altrincham-based Carole Nash.
Sources close to the company are remaining tight-lipped but the early signs are that there is less desire to go down the same path as its sister firms.
The reason for this could be that Carole Nash sits in a different position to Lark and Bollington, in that it has its own niche in the motorcycle insurance market and enjoys a close underwriting relationship with Groupama’s UK insurance business. Perhaps keeping these two businesses together is a more attractive proposition to potential buyers?
With Jackson leaving, an MBO appears less likely. The former boss of Roadsure, which was once tipped as a buyer for Carole Nash, would have likely played a role. But anything is still possible at this silent broker.
Costa Concordia losses revealed
More details emerged today about the insurance coverage surrounding the sunken Costa Concordia cruise ship.
Owners Carnival revealed it has insurance coverage worth around $510m (£323m), which is likely to be enough to cover the loss.
The many insurers involved are still weighing up their losses. These include RSA, which is believed to have insured one of the largest chunks of the ship’s hull, at around 11% exposure.
No comments yet