Specialty insurer Fortegra has announced that it has acquired a majority interest in Premia Solutions Limited.
Premia is one of the largest UK-based intermediaries, serving as a provider of automotive protection products. Founded in 2000, the company leverages its industry expertise and market research capabilities to support over 2,000 auto dealerships and leasing brokers throughout the UK and Ireland.
A company release said that the transaction “continues Fortegra’s rapid growth across Europe and the UK,” the latter being a region Fortegra expanded to in 2017.
“We are excited to join forces with Premia, a market leader and Fortegra partner since 2018,” said Fortegra chief underwriting officer and executive vice president Sanjay Vara.
Last year, Fortegra acquired Florida-based ITC Compliance GRP Limited. Considered the biggest secondary intermediary Financial Conduct Authority (FCA) network in the UK, ITC acts as a broker and third party administrator.
“Coupled with our acquisition last year of ITC Compliance Limited – the UK’s largest secondary intermediary Financial Conduct Authority (FCA) Network – we, as a group, are now well positioned as a vertically integrated, single source provider for the automotive finance and insurance sector,” explained Vara. “Together we will continue to innovate and provide quality, compliant products and services for our clients.”
“Premia Solutions has established itself over the last 20 years in partnership with many of the largest dealer groups in the UK,” said Premia founder and CEO Conrad Gamble. “This investment provides Premia with the opportunity to take its next step and continue to grow its business and clients in the UK automotive market. Expanding an already strong partnership, adding the financial strength and strong, growing reputation of Fortegra, we will continue to develop industry-leading solutions that enable our clients to meet the needs of their customers in today’s evolving marketplace.”
Fortegra revealed in a release that its other automotive administration services are based in Prague, Czech Republic, which will continue to operate and serve the insurance group’s EU business.
