Deal worth £2.85m to Gary Lineker-backed brand
Motor claims outsourcing firm Quindell has acquired a further 16.4% stake of Ingenie Limited in a £2.85m cash deal.
Quindell has also agreed to the first sale of its ‘Challenger’ telematics-based insurance claims system to Ingenie, which offers telematics for young drivers.
The latest deal takes Quindell’s investment in Ingenie to approximately 19.7% and comes off the back of its 2 April acquisition of a further 47.7% stake in Ai Claims Solutions for £3.1m. The group also launched a complete takeover bid.
The Ingenie team includes Steve Broughton, ingenie’s chairman, who is the former managing director of RSA, and is currently a non-executive director at Ageas UK and chairman of Tesco Underwriting. Richard King, ingenie’s founder and chief executive,
Ingenie’s insurance policies are currently solely underwritten by Ageas. Investors in ingenie include the Williams F1 Team, and Gary Lineker, who is actively involved in the business as ambassador for the brand.
King said: “We are delighted to be extending our relationship with the Quindell team through their increased shareholding combined with our purchase of their ‘Challenger’ telematics based insurance claims system. With the use of advanced telematics developed in partnership with the Williams F1 Team we aim to improve driver behaviour and at the same time reduce the frequency and cost of car insurance claims.”
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