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Addept Group Launches New Specialist Insurance Provider With Policywise Acquisition


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10 May 2024

Addept Group (Addept) has today announced it has acquired Policywise Limited (Policywise), a specialist independent insurance broking business, as part of its plan to launch new ancillary products and services that will be provided as part of, or alongside, established core insurance products. The acquisition, for an undisclosed sum, has received regulatory approval.

 

Established by Richard Finan, a founder and former director of Arc Legal Assistance, Addept has been launched to address the evolving ancillary protection needs of customers and to support brokers and other intermediaries to respond to the changing risk and regulatory environment in today’s insurance market.

 

Addept has applied for regulatory approval to rebrand the business as Addept Insurance Services. The new independently-owned business will provide a range of innovative insurance products and services on a wholesale basis.

Speaking at the launch, Richard Finan said,

“Brokers are continually reviewing products and services to ensure they remain relevant to consumers and deliver fair value. Legislative changes, market evolution, regulatory focus and growing economic pressures are creating increasing demand for innovative and cost-effective products to protect individuals and businesses against specialist risks. Addept has been created to give brokers the tools they need to respond to these changes and deliver relevant products and services to support their customers.”

Addept’s first products and services will include:

 

Recovery First – plugging the gap in help provided to people injured in a road traffic accident where there is no one to claim against. The policy provides practical and financial help including cover for rehabilitation costs and lost income.

Not for Lions – in direct response to changes being introduced through the Renters Reform Bill, providing Tenants with certain rights to move a pet into a let property. This is a dedicated cover for landlords where the tenant’s pet has caused property damage.

Bill Ninja – to provide sole traders and self-employed workers with short-term financial cover to pay bills if they suffer an injury or illness which stops them earning a living.

ActivCyber – in partnership with VIVO[1], a unique cyber assistance service designed specifically to support micro and small SME businesses of up to 10 employees to ensure their cyber security and deal with a cyber breach or crime.

Healthcare Navigator – to provide individuals and small business owners low-cost access to private healthcare services including instant digital GP appointments, consultations, screening, and prescription medicines.

 

Finan added, “We have been working with our partners to develop these products and services to specifically respond to the evolving needs of customers in the fast-changing legislative environment and to address the regulatory concerns around products with low customer utilisation.”

 

Commenting on the acquisition of Policywise, Finan said: “This is an important first step in enabling us to come to market. Simon and his team have built a brand recognised for its innovative approach to niche products. We want to build on this reputation by introducing our new wave of insurance products and services across a broader range of sectors in the insurance marketplace.”

Simon Jackson, founder of Policywise, who will leave the business to pursue other interests, said: “Following the disposal of the Policywise book of business two years ago, we were looking for a partner to take the business on the next stage of its journey. Richard and his supporting team have a fantastic reputation for delivering innovative, quality products and were an absolute fit for the business.”

 

“We are delighted that they will be taking the business forward, designing and delivering a wider portfolio of market-leading specialist products that directly address the real needs of customers and clients.”

 

Addept has appointed a group of experienced and well-regarded insurance professionals as Non-Executive Directors (NEDs) to support the growth and future development of the business. The NEDs include:

 

  • Helen Withers – a founder and former chief executive officer of Arc Legal Assistance.

  • Mike Fenton and Jon May - directors of Lares Services Limited, a niche insurance managing general agent. [2]

  • Paul Tasker – appointed in a personal capacity.[3]

  • Dave Bowcock - appointed in a personal capacity.[3]

For further information, please contact:

Richard Finan, Managing Director, Addept Group on 07976 759177

Notes to Editors

[1] VIVO is Vivo Lifestyle Services Ltd, the UK's first dedicated cyber emergency, resilience & recovery service for consumers and micro-SME businesses providing 24/7 technical assistance.

[2] Addept Group has appointed Lares Services to provide back-office support services to Addept Insurance Services. Lares Services is a shareholder of Addept Group

[3] Reg UK and Principal Insurance have no direct involvement in Addept Group or Addept Insurance Services.

About Addept Group

Addept Group Limited is registered in the UK, company number 15387881. Registered office Level 30, The Leadenhall Building, 122 Leadenhall Street, London, England, EC3V 4AB.

Addept Group has obtained regulatory approval to acquire Policywise, a specialist general insurance intermediary, and change control of the firm and appoint a new Board of Directors.

Addept Group has applied for regulatory approval to change the business’ name to Addept Insurance Services Limited.

Policywise Ltd was established in June 2012 and is regulated and authorised by the Financial Conduct Authority. Firm reference number 586471. The firm sold its retail customer book in 2022.

Policywise was a direct customer retail intermediary. As Addept Insurance Services, the firm’s distribution will change, and it will distribute its products via authorised retail insurance companies and intermediaries.

Richard Finan, Managing Director

Richard has over 30 years’ experience working in the ancillary insurance market, including 20 years in senior management positions. Richard was a founder of market-leading legal expenses and assistance insurance Managing General Agent, Arc Legal Assistance Limited, which was acquired by AmTrust Group in 2016.

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