Towergate owner HPS Investment Partners has acquired
Autonet Insurance Services, the online-focused broker specialising in van and car insurance.
Autonet confirmed that it has agreed a majority sale to an investment vehicle established by HPS. The online broker said the transaction, once completed, will mark the next chapter in the company’s development.
“We’ve had numerous approaches to sell Autonet,” said managing director Ian Donaldson. “This is the one that turned our head because it gives us long term backing for our next phase of growth and is a great opportunity for the business and our staff.”
Donaldson and finance director Craig Ball will retain their posts and an ongoing stake in the company. Meanwhile, Autonet founder and chairman Glynn Keeling will leave the business as part of the deal.
“I am very proud of what we have achieved and delighted that Ian and Craig will be leading the next phase in the Autonet story,” Keeling said. “I am confident the business will go from strength to strength under Ian and Craig’s leadership and with the support and guidance of HPS.”
Autonet employs over 700 people and has 340,000 live policies. In 2015, it delivered gross written premiums in excess of £130 million.
“The business is unrecognisable from where we began in 1998,” Keeling said. “By remaining true to our founding principle, we have taken Autonet from a start up to one of the UK’s leading insurance brokers.”
Related stories:
Towergate Insurance creates London underwriting centre
Towergate Insurance reports slump in income
Towergate Insurance announces £30 million arrangement
