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01 March 2017
Today we are pleased to welcome thousands of Rampdale biking policyholders to the Principal Insurance family.
This follows the completion of our the acquisition of Rampdale Ltd’s motorcycle insurance book.
Whilst spanning a broad spectrum of motorcycle categories Rampdale Insurance Brokers’ 7,000 strong book has particular strengths in the scooter and commuter bike categories.
The deal takes our total policy count to almost 40,000 as we continue to consolidate within our market niches.
Commenting on the acquisition, our managing director, Dave Bowcock said: “Rampdale had built a relatively small but strong book which neatly complements our existing presence in the motorcycle insurance sector. It in particular deepens our footprint within the growing scooter and commuter bike sectors which strategically are important to us.
“We also believe that, through our existing schemes and the strength of our panel, we can offer greater choice and value to Rampdale policyholders.”
The deal marks Rampdale’s exit from a sector in which it has been active for some 20 years and comes following managing director John Coates’ decision to retire from the insurance business. “I feel that in selling to Principal I’m placing the book in good hands and that this deal is in the best interests of policyholders,” he said.
Since being founded by Mr Bowcock in 2011, Principal has primarily secured its growth organically. However this has also been complemented by a series of acquisitions. These include Bike Team, Complete Bike Cover, Simply Insurance’s motorcycle book and a specialist motor insurance broking business from Marsh.
“Whilst Principal will continue to grow and grow fast under our own steam, we will also seize relevant acquisition opportunities as they arise within our portfolio niches,” added Mr Bowcock. “They may be books which are non-core to a business’s wider operations or brokers themselves.
News of the Rampdale deal follows a massive surge in both turnover and profits for our last financial year.Back to listing