Tokio Marine snaps up UK agency Qdos Contractor
Specialty insurance group Tokio Marine HCC is acquiring Thurmaston-based Qdos Contractor, a provider of insurance products and services to the UK independent contractor and freelancer market via an online digital delivery platform.
The insurer has revealed that its subsidiary HCC International Insurance Company has signed a purchase agreement with Qdos Holdings and other selling shareholders to acquire Qdos Contractor of The Qdos Group.
The transaction is expected to complete by the fourth quarter of 2018, subject to regulatory approvals in the UK and Japan.
Qdos Contractor is the only business included in the deal out of the eight companies that make up The Qdos Group. The remaining businesses will continue to operate independently through the current owners, according to the statement.
"We are pleased to acquire this outstanding agency and welcome its team of professionals to Tokio Marine HCC," said Christopher J.B. Williams, Tokio Marine HCC’s chief executive officer.
Barry Cook, chief executive officer of Tokio Marine HCC International, added: "This acquisition is a great addition to our very successful UK based Professional Risks Division. We look forward to the growth opportunities provided by this well-established brand and innovative platform. We are also pleased to bring this talented team into our group."
Stephen Greenwell, founder and chairman of The Qdos Group, said: "This acquisition shows that Tokio Marine HCC has great confidence in the sustainable growth potential of this specialist sector of the UK insurance market. Placing the business into the hands of this global brand gives our staff an excellent future and a rapidly growing client base. We have worked with Tokio Marine HCC for over ten years now, and they share our values, know our staff and importantly, understand the needs of our clients."
Alf Gordon, financier of The Qdos Group’s 2013 MBO and CEO of The Qdos Group, commented: “This deal marks the start of an exciting new chapter for Qdos Contractor, after what has been a very successful period for the company. Following the restructuring of the group, we focused on driving growth through innovation and technology. With Tokio Marine HCC now at the helm, we are confident Qdos Contractor will build on its recent success.”
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