New acquisition sees Swinton enter high street commercial insurance arena...
Swinton, the UK's largest high street broker, is moving into high street commercial insurance with the acquisition of Isle of Wight Vectis Insurance Services.
Last month, the Insurance Times reported that motor specialist Swinton would be opening a commercial unit to concentrate on small-to-medium enterprise (SME) business.
Today's move follows a recent announcement by Swinton chief executive Patrick Smith that the company intended to expand into this market during 2007, thereby ramping up Swinton's SME business.
The operation will service central southern England, with a number of similar commercial branches planned for the rest of the UK.
Hazel Walker, head of acquisitions at Swinton, said: “We have been looking for the right moment to enter the high street commercial broking market for some time, and in Vectis we have found the ideal opportunity. It meets our commercial criteria, has a sizeable personal lines account, experienced staff, a strong presence and an excellent reputation.”
Swinton has made over 250 broker acquisitions during the past five years, including the retail arm of Budget and internet motor insurance provider its4me in September and December 2006 respectively.
