The deal, which is subject to regulatory approval, is expected to complete by the end of 2014.
York-based Assurant Intermediary offers a wide range of general insurance products and services to IFAs and mortgage brokers, with a particularly strong household book (43,000 policies) and mortgage protection book (14,000 policies) that generates in excess of £20m GWP. According to RDG chief executive Derek Coles, it will enable the Group to scale up significantly in a sector that is fast emerging from recession.
Following completion the business will be rebranded to RDG Intermediary and Mr Coles explained that Vicky Hodgson, the business’s current commercial director, will join the RDG team in a similar role with immediate effect
Mr Coles explained that RDG will use this as a platform to develop further its relationship with Uinsure, its existing partner in this market, to deliver wider choice and technology and enhance the business’s product and service offering.
He said:
“The business has been a well-recognised player in the general insurance market for a number of years and the opportunity for RDG to combine this with its existing strategic relationship with Uinsure is compelling.”
Vicky Hodgson said:
“As well as providing the right long term home for the business, this is a tremendous opportunity to consolidate and develop a broker focused business. We will be able to offer our brokers and advisers broader choice, an improved customer journey and deliver new investment in our proposition to lead in a market that’s changing rapidly following the Retail Distribution and Mortgage Market Reviews. I’m looking forward to playing my part in helping to deliver RDG’s long term strategic aims under the business’s new brand, RDG Intermediary.”
Simon Taylor, chief executive officer at Uinsure, said:
"We have made quantum strides in our partnership with RDG over the last two years, and this wider partnership further underpins our aim to be the provider of choice in the IFA and mortgage broking arena.”
The value of the acquisition is undisclosed.
