Acorn Group, a non-standard provider of car, van, taxi and household insurance to retail customers, has acquired a telematics insurance broker, for an undisclosed sum.
The deal to buy Halesowen company MyPolicy, strengthens the position of Formby-based Acorn in telematics insurance.
MyPolicy specialises in young drivers and low mileage drivers. It employs more than 50 staff and serves 7,000 live policy holders.
It will continue operations under the Acorn Group umbrella, retaining its brand, management team, and workforce as part of the deal.
With more than a decade of expertise in providing telematics insurance, MyPolicy brings a wealth of knowledge and intellectual property that will enhance Acorn Group’s existing telematics offerings.
In addition, access to Acorn Group’s dedicated underwriter, Haven Insurance, its technology platforms and wider expertise, will support MyPolicy’s future growth plans.
Kyle Tyrrell, Acorn Group Chief Financial Officer, said: “MyPolicy are one of the UK’s leading telematics brokers specialising in young drivers and low mileage drivers. Its sustained focus on this market has enabled the business to develop significant expertise, innovations and loyal customer base that will strengthen Acorn Group’s position in telematics insurance.”
Mike Lloyd, Acorn Group Chief Executive, said: “As one of the UK’s leading non-standard insurance groups, we have been investing significantly over the past several years in telematics products for our customers.
“In 2021, we acquired Carrot, a telematics broker, which has enabled us to make significant strides in the telematics market.
“The acquisition of MyPolicy will provide us with additional capabilities to further advance our customer offering and support our growth and position in this market.”
Patrick Quinn
Patrick Quinn, MyPolicy founder, said: “After 15 years of innovation and expertise in telematics, MyPolicy has built cutting edge intellectual property and credentials in this rapidly growing market.
“This acquisition marks an exciting new chapter in the business’s expansion, combining our proven technology and expertise with a market-leading insurer at the forefront of driver telematics. Together, we gain instant scale, enhanced capacity and are well positioned for future growth.”
Acorn Group, via its brands – Acorn Insurance, Carrot, Motorcade, Flag, Rapid and Briefly – and Granite Underwriting with its network of 200 brokers, is one of the largest providers of non-standard insurance in the UK, with 500,000 live policy holders.
The group has more than 1,400 staff in the north Liverpool town of Formby, Liverpool and London.
