Article date: 2 November 2001
Norwich Union Insurance Limited and BDML (Holdings) Limited arepleased to announce that BDML Holdings has agreed to acquire SabreInsurance Company Limited (Sabre) from the CGNU Group. Thisagreement is subject to regulatory approval.
Sabre will continue to run from its headquarters in Dorking asan independent company and will operate at arms-length from otheractivities of the BDML Group.
Cathryn Riley, Operations Director, Norwich Union Insurancesaid: "A thorough review of Sabre has been completed over the pastyear. Sabre is most active in the non-comprehensive specialistmotor sector where it operates as an independent company and brand.As such we concluded that best value could be created by the saleof the business. We are delighted to work with a knowledgeablebuyer committed to maintaining the business in its current form -so preserving continuity for intermediaries, customers and staff.We remain committed to the non-standard motor market.'
Commenting on the purchase, Keith Morris, Chief Executive ofBDML Holdings, said: "Sabre is a natural acquisition for BDMLHoldings complementing its current insurance activities. BDMLHoldings is a specialist insurance services provider with a numberof strategic investments in the insurance sector. The Sabreacquisition represents a significant step in support of thatstrategy. BDML Holdings will continue to operate Sabre as anindependent business separate from and in parallel with its otherinsurance activities.
"The purchase provides intermediaries and customers with acontinuing diversity of markets in this specialist sector.
"Sabre's success is based on being a focused business, closelycontrolling and co-ordinating key business processes. This hasallowed Sabre to consistently offer its intermediary partners a setof products for the more difficult motor insurance risks. Withtheir help and under BDML Holdings’ ownership, Sabre intendsto build on this track record.
"One of Sabre's great strengths is its staff who are extremelyknowledgeable and experienced in its chosen sector. We aredelighted to be able to announce that there will be no staffredundancies following this acquisition."
BDML Holdings contact: Keith Morris on 02392 656887
Background to BDML Holdings:
- BDML Holdings is a company specialising in the insurancesector
- BDML Holdings is privately owned by 4 individuals. SteveLockwood, a US citizen is chairman, Keith Morris is ChiefExecutive and Angus Ball and Sandy Dunn are the two otherExecutive Directors.
- Incorporated in 1998, BDML Holdings currently has 4subsidiaries, Sabre will be the fifth.
- The largest subsidiary is the independent general insuranceintermediary, BDML Connect, which is a GISC member and whosemanaging director is Sandy Dunn.
- It is a leader in the 'behind the brand' market, offering arange of insurance and add-on products to customers of large brandowners such as Halifax (e-sure), Touchline and AdmiralInsurance.
- BDML Holdings employs in excess of 300 staff most of whom arebased in their headquarters building in Portsmouth and handleapproaching £50 million in premium income.
- The other subsidiaries include Thornside, a pet healthcareinsurance agency the major client of which is the Kennel Club,Ultimate Marketing, a claims services company with 400,000 travelinsurance customers and Team Mortgage, which specialises in there-mortgaging marketplace.
Norwich Union - Liz Kennett on 01603 688263
- Norwich Union Insurance is the UK's largest general insurer -insuring one in five vehicles on the road.