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Tokio Marine HCC has announced its wholly-owned subsidiary HCC International Insurance Company PLC has signed a purchase agreement to acquire the contractor insurance division of Qdos Holdings.
Qdos, based in Leicester, is a leading provider of insurance services and tax consultancy to the contractor market. Their offering includes Professional Indemnity, Public Liability and Tax Enquiry Insurance.
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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.
The announcement from Tokio Marine HCC said that unlike several other acquisitions in the contractor market, this is not a private equity sale, this is a strategic change of ownership allowing Qdos clients to purchase from and be serviced directly by the insurer in a long-term partnership of superior products and attractive prices.
The acquisition reflects Tokio Marine HCC’s long-term strategy to grow in a market that contains 4.8 million independent and self-employed workers, who together make up 15.1 per cent of the UK labour force.
The acquisition is subject to regulatory approval and is expected to be completed by the end of this year.
Seb Maley, CEO said: “The world of work has changed, with millions of people now choosing to become self-employed. Tokio Marine HCC has recognised this clear shift in the labour market, and the acquisition of our company signals that they too see independent working as a fundamental component in the future of business. Having worked with Tokio Marine HCC for over ten years, we have a trusting and very successful relationship.
"Now, supported by their vast expertise and global resources, we have the opportunity to build on Qdos Contractor’s recent successes and continue developing innovative solutions made for the evolving labour market. The acquisition is a positive development for the customers of Qdos Contractor, who will hold policies with a large and trusted global insurer."
Tony Browne, Managing Director - Professional Risks at Tokio Marine HCC said: “We have enjoyed an excellent relationship with Qdos for over ten years, during which time we have been their main insurer for the contractor market. Customers of Qdos have benefitted from our insurance offering for a considerable time, and this acquisition is a natural step for us to work even closer with the contractor market.
"Going forward, we will be working together as one team to improve our speed to market with new and innovative products to this specialist sector. This is an exciting time and one that demonstrates our commitment to the future which should benefit all concerned.”
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Susie Hughes © Shout99 2018
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