10 September 2024 - Specialist ancillary insurance providers Addept Insurance Services (Addept Insurance) and All Broker Services Limited (ABS), have today announced a new product distribution partnership to support brokers and other intermediaries to respond to the evolving protection needs of customers in today’s insurance market.
The partnership, which follows the recent acquisition by ABS of the Sparta Insurance Services' (Sparta) book of business will see Addept Insurance’s products offered to ABS’s/Sparta’s combined broker client base of 450 UK firms.
Richard Finan, Managing Director of Addept Insurance, said: “ABS have built a strong reputation for customer service and innovation. We both share a commitment to providing brokers with the right tools to address the real gaps that exist in current ancillary insurance and providing innovative products that deliver fair value to their customers. I have always been impressed with the broker distribution reach ABS have established, and the level of support that they have from their broker partners. This partnership will now enable ABS’s brokers to access our new suite of products.”
Wayne Dunthorne, Sales Director of All Broker Services Limited, commented: “Addept Insurance combines extensive product expertise and knowledge with a clear understanding of the needs of brokers for ancillary products that provide relevant protection to their clients. They have come to market with a portfolio of specialist products that complement our own and we are excited to work with Richard and team going forward.”
Andrew Doidge, Executive Director of All Broker Services Limited, added: “Following the recent merger of ABS & Sparta this further strengthens our proposition with an additional range of specialist products. We are looking forward to working with Richard and his team at this exciting time.”
Addept launched in May 2024 following the acquisition of Policywise Limited, a specialist independent insurance broking business. Addept Insurance, a wholly-owned subsidiary of Addept Group, has a portfolio of ancillary products and services that 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.
ENDS
Notes to Editors
About Addept
Addept Insurance Services Ltd is authorised and regulated by the Financial Conduct Authority under firm registration number 586471. Registered in England under number 08107294 at Level 30, The Leadenhall Building, 122 Leadenhall Street, London EC3V 4AB.
Addept Insurance Services Ltd is a wholly-owned subsidiary of Addept Group Limited.
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 acquired Policywise, a specialist general insurance intermediary, in May 2024 and received regulatory approval for change of control of the firm, appoint a new Board of Directors and change the business’ name to Addept Insurance Services Ltd.
About All Broker Services Limited
Established in 2016 by an experienced team from the broker marketing arena, All Broker Services Limited (ABS) is an innovative ancillary insurance product provider with a range of ancillary insurance.
In August 2023, Universal Holdings (Guernsey) Ltd (UHG) purchased the majority share interest of ABS as part of their strategy to become a leading provider of add-on insurance products in the UK insurance market. Wayne Dunthorne as founding director and driving force of the business remained with ABS. UHG also owned another wholesale broker, Sparta Insurance Services Group Limited (Sparta).
On the 1st of September 2024 ABS acquired Sparta's book of business, and the two firms integrated into single larger entity called All Broker Services Limited creating a business placing add-on products at an annual Gross Written Premium in excess of £20m. The integration sees the retention of all existing Sparta staff providing continuity both in terms of client relationships and the services provided. The acquisition will also enable clients to access additional products in the future.
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