Norwich Union Insurance Limited and BDML (Holdings) Limited are pleased to announce that BDML Holdings has agreed to acquire Sabre Insurance Company Limited (Sabre) from the CGNU Group. This agreement is subject to regulatory approval.
Norwich Union Insurance Limited and BDML (Holdings) Limited are pleased to announce that BDML Holdings has agreed to acquire Sabre Insurance Company Limited (Sabre) from the CGNU Group. This agreement is subject to regulatory approval.
Sabre will continue to run from its headquarters in Dorking as an independent company and will operate at arms-length from other activities of the BDML Group.
Cathryn Riley, Operations Director, Norwich Union Insurance said: "A thorough review of Sabre has been completed over the past year. Sabre is most active in the non-comprehensive specialist motor sector where it operates as an independent company and brand. As such we concluded that best value could be created by the sale of the business. We are delighted to work with a knowledgeable buyer committed to maintaining the business in its current form - so preserving continuity for intermediaries, customers and staff. We remain committed to the non-standard motor market.'
Commenting on the purchase, Keith Morris, Chief Executive of BDML Holdings, said: "Sabre is a natural acquisition for BDML Holdings complementing its current insurance activities. BDML Holdings is a specialist insurance services provider with a number of strategic investments in the insurance sector. The Sabre acquisition represents a significant step in support of that strategy. BDML Holdings will continue to operate Sabre as an independent business separate from and in parallel with its other insurance activities.
"The purchase provides intermediaries and customers with a continuing diversity of markets in this specialist sector.
"Sabre's success is based on being a focused business, closely controlling and co-ordinating key business processes. This has allowed Sabre to consistently offer its intermediary partners a set of products for the more difficult motor insurance risks. With their help and under BDML Holdings’ ownership, Sabre intends to build on this track record.
"One of Sabre's great strengths is its staff who are extremely knowledgeable and experienced in its chosen sector. We are delighted to be able to announce that there will be no staff redundancies following this acquisition."
Contacts:
BDML Holdings contact: Keith Morris on 02392 656887
Background to BDML Holdings:
- BDML Holdings is a company specialising in the insurance sector
- BDML Holdings is privately owned by 4 individuals. Steve Lockwood, a US citizen is chairman, Keith Morris is Chief Executive and Angus Ball and Sandy Dunn are the two other Executive Directors.
- Incorporated in 1998, BDML Holdings currently has 4 subsidiaries, Sabre will be the fifth.
- The largest subsidiary is the independent general insurance intermediary, BDML Connect, which is a GISC member and whose managing director is Sandy Dunn.
- It is a leader in the 'behind the brand' market, offering a range of insurance and add-on products to customers of large brand owners such as Halifax (e-sure), Touchline and Admiral Insurance.
- BDML Holdings employs in excess of 300 staff most of whom are based in their headquarters building in Portsmouth and handle approaching Ł50 million in premium income.
- The other subsidiaries include Thornside, a pet healthcare insurance agency the major client of which is the Kennel Club, Ultimate Marketing, a claims services company with 400,000 travel insurance customers and Team Mortgage, which specialises in the re-mortgaging marketplace.
Contact:
Norwich Union - Liz Kennett on 01603 688263
- Norwich Union Insurance is the UK's largest general insurer - insuring one in five vehicles on the road.