French broker expands UK presence by buying six Leicester firms
French specialist real estate and construction insurance broker Odealim Group has entered the UK market for the first time with the purchase of a slew of Leicester-based insurance firms. The deal – arranged with capital backing from private equity firms TA Associates and Ardian – sees Odealim Group take charge of Rhino Trade Insurance, Rhino Home Protect, Rhino Protect, Vantage, Quest and Independent Certified Practising Accountants (ICPA). An online-only proposition, Rhino Trade Insurance offers specialist protection for self-employed tradespeople, while Rhino Home Protect specialises in home buyers’ and sellers’ protection insurance. Rhino Protect, meanwhile, deals in wholesale insurance policies for add-on legal expense insurance. Vantage offers tax free protection insurance schemes covering the fees incurred when responding to HMRC enquiries, while Quest offers business support services including HR support, health and safety training and business insurance. Finally, ICPA is the UK’s largest accounting membership organisation, also offering accounting practice insurance, professional indemnity insurance, management liability insurance and tax fee protection.
As highlighted in a recent report on M&A activity in the UK insurance distribution sector from investment banking and consulting firm MarshBerry, the purchased firms shared “common ownership” and the suite of purchases can largely be considered as one major deal. Global advisory firm Oaklins S&W, which acted as sell-side M&A advisor during the deal, added that the purchase “expands [Odealim Group’s] offering with specialist insurance products, advisory services and membership-based solutions delivered through digital channels, intermediary schemes and strategic partnerships”.
George is a data reporter at Insurance Times, uncovering interesting industry trends and reporting on the technological advancements that will shape the future of the sector.
He graduated in 2017 from the University of Manchester with a degree in Geology. He spent the first part of his career working in consulting and tech, spending time at Citibank as a data analyst, before working as an analytics engineer with clients in the retail, technology, manufacturing and financial services sectors.
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