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Welcome to BikeTeam policyholders

Welcome to BikeTeam policyholders

Posted on Jan 07, 2016

Today we warmly welcome 5,000 more motorcycle policyholders to the Principal family following our acquisition of BikeTeam from iGO4 Partners Ltd. iGO4 Partners has divested itself of its motorcycle arm in order to concentrate on its highly successful private motor, van and home insurance lines which comprise its core business. We, meanwhile, see the deal benefiting those thousands of bikers, our chairman Damian Keeling saying: “We believe that in coming under the Principal umbrella, BikeTeam policyholders will secured added value by virtue of our specialist expertise and strength of our relationships with the key insurers operating in this space. It’s a good deal for all.” BikeTeam policyholders can meanwhile rest assured that in terms of their existing cover, nothing has changed except that any queries or amendments will now be handled by our specially trained staff. Naturally when your renewal date is approaching we shall be in touch in order to secure you the best deal from our extensive panel of leading insurers This acquisition is the second we've completed in less than four months with October seeing us buy Marsh’s Kendal-based specialist motor insurance broking business. Originally known as Peart Insurance Brokers the business is an increasingly influential player in the high value, performance and specialist car policies. Both these acquisitions complement the impressive organic growth our group has already secured. Management accounts for its last financial year (ended October 31, 2015) show our annual premium income (API) - the value of the policies we broker -  grew some 50 percent, from £3.3m to around £5m. These figures include only a half-year contribution from our new Dublin office, which opened in April 2015, and a single month’s benefit from the Kendal acquisition. As word spreads of what we can offer not just bikers, but van drivers, motorists and owners of classic and specialist cars, we're forecasting further significant growth of around 60% for our 2015-16 financial year. We're glad to welcome BikeTeam policyholders along for the ride!        
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