Zurich is to break into the broking market after acquiring Endsleigh.
It comes just days after Groupama announced the acquisition of motorbike broker, Carole Nash.
Zurich had previously owned 40% of the company. Today it announced that it has bought the 45% shareholding from Endsleigh's management as well as the National Union of Students 15% share.
The insurer said the acquisition would give it ready access to the student market and would bolster its presence in the personal lines market.
Guy Munnoch, Zurich's UK general insurance chief executive designate, said: “With a business turnover of £60m, Endsleigh has exceeded its goals in the past and we expect it to generate excellent results in the future.”
Zurich intends to retain the current management team and brand of Endsleigh. Endsleigh will continue to operate as an independent intermediary, placing business in the best interests of its customers with a panel of leading insurers, including Zurich.
