The payment and fleet firm behind telematics and fuel card brands Kinesis and UK Fuels has acquired one of South Yorkshire’s largest independent insurance brokers.
Radius Payment Solutions has announced the acquisition of The Burley Group, a provider of fleet, transportation, and construction insurance.
In a statement, Radius said that the acquisition is part of a diversification strategy to develop new insurance products from its telematics platform, which is currently installed in over 150,000 vehicles across the globe.
Bill Holmes, chief executive of Radius Payment Solutions, said that acquisition is a “great move for Radius as it significantly strengthens our insurance division with a company that has a long history of providing great service to its customers.”
“We plan to both significantly expand the sales operation as well as create new products driven by data from our telematics platform,” said Holmes. “We look forward to working with the MD Matt Mawson and his experienced team over the months ahead as we start to develop and execute our plans.”
For his part, Matthew Mawson, managing director of The Burley Group, said that the acquisition provides the brokerage with significant opportunities to grow their fleet insurance business – not only through access to 1.2 million UK Fuel card holders, but also in the development of telematics-linked products.
“Joining the Radius group of companies represents a fantastic opportunity for the business and our staff,” said Mawson. “Aligned, as we are, to the transport sector we sit perfectly with Radius’ fuel card and telematics businesses, providing a great opportunity to maximise growth through its divisions.
“We’re particularly excited about the prospect of connecting with its telematics products, and the possibilities this will bring, in addition to the investment that will be made allowing us to expand our footprint across the UK. It’s a great move and a really exciting time for Burley.”
In reaction to the deal, Stewart Cape, who leads KPMG’s Corporate Finance focus on financial services in the North, sent the following statement to Insurance Business.
“Among the wave of consolidation in the insurance sector this is a unique transaction given Radius is a provider of payment and telematics solutions,” he said. “The acquisition provides Radius with the right partner to develop their insurance offering and provides Burley with access to Radius’s significant customer base and resources.”
