Top 50 firm acquires broker to expand telematics offering

Top 50 broker Acorn Group has acquired MyPolicy as it looks to strengthen its position in the telematics market.

Based in Halesowen, MyPolicy is a broker that specialising in providing telematics propositions for young drivers and low mileage motorists.

It employs over 50 people and serves 7,000 live policyholders.

The firm will continue operations under the Acorn Group umbrella, retaining its brand, management team and workforce as part of the deal.

Patrick Quinn, MyPolicy founder, said: “After 15 years of innovation and expertise in telematics, MyPolicy has built cutting edge intellectual property and credentials in this rapidly growing market.

“This acquisition marks an exciting new chapter in the business’ expansion, combining our proven technology and expertise with a market-leading insurer at the forefront of driver telematics. Together, we gain instant scale, enhanced capacity and are well positioned for future growth.”

’Additional capabilities’

Acorn Group, which ranked 23^rd in Insurance Times’ Top 50 Brokers 2024 report, is a non-standard provider of car, van, taxi and household insurance to retail customers.

The firm said that acquiring MyPolicy would enhance its existing telematics offering, with it having acquired telematics broker Carrot in 2021.

Mike Lloyd, Acorn Group chief executive, said: “As one of the UK’s leading non-standard insurance groups, we have been investing significantly over the past several years in telematics products for our customers.

“In 2021, we acquired Carrot, a telematics broker, which has enabled us to make significant strides in the telematics market.

“The acquisition of MyPolicy will provide us with additional capabilities to further advance our customer offering and support our growth and position in this market.”