"Business as usual" as Groupama UK acquires Carole Nash Insurance Consultants

Management at Carole Nash Insurance Consultants have reassured bikers that it is business as usual after the company was bought by Groupama UK, owner of Groupama Insurances, one of the UK’s leading insurers.

Carole Nash, which is the UK and Ireland’s biggest motorcycle insurance specialist and has over 240,000 policyholders, will continue to operate entirely separately from Groupama Insurances, under its existing management team lead by Managing Director Allister Hill.

“This is great news from both our perspective and that of Carole Nash policyholders,” commented Warren Dickson, Director of Marketing. “We will continue to run the day-to-day business and there will be no changes in terms of the quality of our existing products and services. However we will gain from the investment, strength and security that Groupama can commit to Carole Nash, allowing us to grow and maintain our highly competitive, added-value product strategy.”

Carole Nash is already one of the UK's top 30 brokers generating over £60 million in premiums annually. It is also a major player in the classic car insurance sector, the largest independent fitter of motorcycle security products and provides a range of added-value car, household and travel policies.

Speaking today, Pierre Lefèvre, Chairman and Chief Executive at Groupama UK said: “This is an important strategic acquisition for our Group and one that offers us almost unrivalled access to a number of niche markets and presents the opportunity for valuable profitable growth. Carole Nash is a market-leading business with excellent people, tremendous market knowledge and highly respected products. The business has a very strong brand presence in its chosen areas and we will be supporting the existing management team to maximise the potential of the Carole Nash brand.”

There will be no job losses among the 350 staff who work for Carole Nash in Altrincham, South Manchester, and in Dublin. Pierre Lefèvre added: “We have purchased Carole Nash for its acknowledged expertise and customer service skills and we have no immediate plans to make any changes. Our intention is to invest in the business to drive its growing success.”

As part of the sale agreement, Carole Nash, who founded the business in 1985, will be retiring. However, Groupama will be retaining her in an ambassadorial role. Allister Hill will remain as Managing Director of Carole Nash reporting to Pierre Lefèvre who will chair the Carole Nash board.

Commenting on the sale to Groupama, Carole Nash said; “Although I am obviously sad to be retiring from a business that has been my life for the past 21 years, I am very confident that I will be leaving it in safe hands. Throughout the sale negotiations I have been very impressed by the way that Groupama does business. They are an organisation with strong values, excellent financial security and some very exciting plans for the ongoing success of the Carole Nash brand.”

Ends

15th December 2006
The acquisition has received formal regulatory approval from the Financial Services Authority.
A corporate finance team from Ernst & Young advised the shareholders of Carole Nash on the sale and provided vendor due diligence.

Notes to Editors
Groupama UK
Groupama UK is a part of European financial services group Groupama, an international insurance business that generates annual revenues of £7billion.

Groupama is the third largest general insurer in France and is Europe’s largest mutual with aspirations to be one of its top ten financial groups.

The operations of Groupama UK includes Groupama Insurances, one of the UK’s leading general insurers offering personal and commercial insurance. Health insurance solutions are offered through its specialist division Groupama Healthcare. The company employs around 800 staff in six centres and is an accredited ‘Investor in People’.

Carole Nash
Founded by Carole Nash in 1985, Carole Nash Insurance Consultants is today the UK and Ireland’s biggest motorcycle insurance intermediary with over 240,000 policyholders. Over the years the company has diversified to offer a range of complementary motorcycling services, including Carole Nash Secure, the UK’s largest independent fitter of motorcycle security. It also operates its own national network of approved motorcycle repairers headed by its own flagship Service & Repair Centre in Altrincham, Cheshire, close to its UK headquarters.

It opened offices in Dublin in 1999 and, having for the first time provided motorcyclists with real choice, is now Ireland’s leading motorcycle insurance specialist. It expanded into new offices this February and now employs 29 staff in Dublin.

More recently it has extended the Carole Nash brand into new areas and now offers an extensive insurance portfolio which covers classic and private car, household, travel, high net worth individuals and a range of commercial lines.