01 August 2016

Welcoming Complete Bike Cover policyholders to the Principal fold

Today we welcome thousands of Complete Bike Cover policyholders to the Principal family following our acquisition of A&A Group’s motorcycle business.

The Twickenham broker decided to exit the biking sector in order to focus on its core business. This was also the reason cited by the owners of BikeTeam and Simply Insurance when they sold their motorcycle insurance businesses to us in January.

From our perspective the deals highlight how Principal as a specialist insurance group is ideally placed to serve niche markets such as motorcycle, performance, prestige, kit, replica and classic car insurance.

Our managing director Dave Bowcock believes the new deal benefits all involved. “The Complete Bike Cover book is solid and one which can benefit from our expertise. We have the knowledge, experience and specialist policies necessary to serve, and serve well, owners of motorcycles of all types and age.”

 

Dave Bowcock (Superleggera) cropcrop

Dave Bowcock

He added that the group is already eyeing future acquisitions to support its growing personal and commercial lines portfolios. These include van insurance which is marketed from our Manchester HQ and the Lancaster-based classic, high performance, kit, replica and prestige car business which was acquired last October via the purchase of Marsh’s specialist motor insurance broking business.

“Our key priority right now though is to ensure that customers joining us through the purchase of Complete Bike Cover are happy and stay happy. We will be working as hard as ever to deliver them the best possible customer service and value.”

This latest acquisition, coupled with rapid organic growth, takes our total policyholder count to approximately 30,000.

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