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News - Liv Vic bags Britannia in bid for rescue supremacy.
(From Post Magazine)
Byline: Ralph Savage.
Liverpool Victoria has added 300,000 customers to its roster following the GBP36m acquisition of Britannia Rescue on Tuesday.
The insurer, which has already stated its aim to become a top five general insurance player within five years, signed the deal with the Civil Service Motoring Association, paying GBP18m up front for the business, which ranks fourth in terms of size in the UK for roadside assistance. The CSMA will retain GBP8m in value currently held in its existing underwriting vehicle. The remainder of the deal was not disclosed.
Liv Vic's group chief executive Mike Rogers explained that the company will become the preferred provider of roadside rescue and recovery services to CSMA members while remaining ...
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