In an undisclosed value deal, Basingstoke broker, Direct Insurance Services has sold its book of personal lines and commercial business to Equity Group, one of the UK’s largest motor and home insurance companies.
Established in 1988, Direct Insurance Services was owned and managed by David Judge who has announced his retirement. Office manager, Mark Long will transfer with the business from its Pack Lane premises to Equity’s existing Basingstoke branch in Potters Walk.
David Judge said: “Selling the personal lines and commercial accounts to Equity will help this business grow. It will also ensure, particularly in an increasingly competitive market, we can maintain the quality service our clients have come to expect.”
Equity Insurance Group is based in Brentwood, Essex. Its national network comprises more than 90 branches, four regional offices and two UK-based customer contact centres.
Mike Hutton, Equity’s acquisitions director added: “Direct fits our purchase criteria. It’s a well-established broking business in a region where the group is developing a greater presence.”