SPB UK, subsidiary of affinity insurance specialist SPB Group, is pleased to announce the acquisition of insurtechs Loyal Insurance Services Limited and Square Pound Limited.
Owners of the brands Insurance2go and Better Buy Insurance respectively, Loyal Insurance and Square Pound are among the UK’s largest providers of online insurance. After a 5-year consolidation, the acquisition supports SPB Group’s growth strategy internationally, and will also enable SPB to significantly strengthen its expertise in digital marketing.
SPB was the first mobile phone insurance provider in the UK, offering a broad range of insurance solutions and market services adapted to the needs of its clients and customers. The first UK insurance business to offer a walk-in repair facility, SPB has worked closely with Loyal Insurance since 2006 and the insurance partnership has proved to be innovative and successful.
The acquisition of Loyal Insurance and Square Pound significantly enhances SPB’s presence within the UK mobile phone insurance marketplace. While the deal will have no direct impact on SPB UK’s existing clients and customers, the company anticipates that it will bring significant benefits in terms of size, scale and service capabilities.
There are currently no plans to make any changes to the Insurance2Go and Better Buy brands, and the company will continue to be managed by its founders, Duncan Spencer and Gary Beeston.
Lorraine HIGHAM, Managing Director of SPB UK, said:
“We are very pleased with the acquisition of the brands Insurance2go and Better Buy Insurance, which significantly strengthens our position in the UK and contributes to the international growth strategy of SPB Group. This acquisition will allow us to enrich our expertise in digital marketing, accelerating the digitalization of our affinity solutions and further growing our business.”