Specialist intermediary Carole Nash is next month (July) to take over a 5,000-strong motorcycle book from The Co-operative Insurance.
The agreement will further consolidate Carole Nash’s position as the UK and Ireland’s biggest motorcycle insurance specialist. It already provides insurance for around 300,000 classic, vintage, modern, custom and off road motorcycles, equivalent to around a quarter of all licensed machines.
Carole Nash was chosen by The Co-operative Insurance to ensure the future interests of its customers continue to be best served with the specialist expertise and resources from Carole Nash.
Commenting on the deal Carole Nash’s chief executive David Newman said: “This agreement not only bolsters our market-leading position but illustrates the high esteem in which Carole Nash is held by our industry peers. As you might expect from such an ethically driven business The Co-operative ensured its customers’ needs were paramount in the bid process and clearly saw in Carole Nash a company that shared many of its values. We too are committed to fair play, honesty, responsibility and service excellence and it is those commitments which have earned us this great privilege.”
David Neave, who heads up The Co-operative Insurance, said: “We closely examined the credentials of all those who expressed an interest and determined that Carole Nash could best deliver the protection, value and service our motorcycle customers deserve. It is clear to us that Carole Nash has achieved leadership of the motorcycle market by understanding and responding to its highly specialised needs with great professionalism.”
In 2004 Carole Nash acquired over 17,000 policies from the AA and last year it bought Choicequote’s 6,000 strong bike policy base. It continues to express interest in purchasing motorcycle books – but not brands or brokers – from companies for whom motorbike cover is not a core activity.
It is the second major deal struck by the company this year. In January Carole Nash won a three year contract to broker motorcycle insurance on behalf of Harley-Davidson Financial Services (HDFS). It took over HDFS Europe, covering the UK and Ireland, which accounts for some 7,500 policies.
