Mon, 11 Sep 2023 | BUSINESS SALE
Lifesure Group Limited, a provider of insurance broking services for the holiday and leisure industry, has been acquired by global insurance broker Gallagher. Lifesure, which was founded in 1971, sells products including insurance for car and home, holiday caravans, motorhomes, park homes and leisure homes.
Gallagher said that the acquisition would enable it to provide greater support to its significant leisure industry customer base. The market for domestic holidays, caravans and motorhomes has increased considerably since the COVID-19 pandemic, which put serious restrictions on international travel.
Michael Rea, Chief Executive of Gallagher’s UK & Ireland Retail division, commented: “I am very pleased to welcome the Lifesure team and its clients to Gallagher. This thriving business has a portfolio of specialisms that are complementary to our existing business, and provides us with additional scale in niche areas.”
He added: “Lifesure has been established for over 50 years and has a very positive reputation in the specialist holiday and leisure insurance market enjoying high levels of client retention.”
Lifesure Managing Director Paul Reid added that the deal would “provide a springboard for further success” and that the business would “benefit from being part of a leading global insurance organisation and the many opportunities this brings.”
The acquisition will also see Gallagher acquire Lifesure’s sister business Barnes Commercial, which provides commercial insurance solutions for a customer base of small-to-medium-sized businesses. The company, which will join Gallagher’s UK & Ireland Retail division, specialises in a range of industries, including construction, manufacturing, healthcare and veterinary.
Read about the impact of COVID-19 on M&A in the UK's domestic holiday market
Buckinghamshire IFA with £125m FUM and an average portfolio size per household just below £450k, you will be servicing highly profitable clients.
With an office, advisers and back-office staff in place, this business can continue running profitably post-sale.
Greater Manchester IFA with £52 million FUM at .05% ongoing charge, there is potential for future uplift.
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