The latest move by Gallagher is interesting as it suggests there could be some consolidation in the motorcycle insurance market after the problems suffered by MCE and the CMA knockback on the Bennetts – Carole Nash merger. There are some long established brokers who could be interested in an exit plan now that rider apps and data is transforming modern motorcycle cover.
Devitt is an established retail insurance broker predominantly focusing on motorcycle and motorhome clients. Founded in 1936, Devitt has circa 130,000 customers across its portfolio and employs 130 colleagues. The business is based in Romford, Essex with a further office in Ipswich, Suffolk and has grown organically and through strategic acquisitions, to become the UK’s number one motorhome and number four motorcycle broker. The business additionally offers other personal lines products, such as car and home insurance, together with motor trade related commercial insurance.
Devitt brings affinity partnerships with organisations including The Caravan and Motorhome Club and BMW Motorrad, and further enhances Gallagher’s digital capabilities. Devitt will become part of Gallagher’s UK retail operations, which looks after the risk management and insurance needs of over 1.3 million customers throughout the UK and places circa £3 billion in premiums.
William Hughes, Managing Director and Tony Chapman, Finance Director, who oversaw a management buyout of the business from the Royal Bank of Scotland in 2011, will remain with the firm.
Commenting on the transaction, Michael Rea, CEO of Gallagher’s UK Retail Division, said: “We are delighted to welcome the Devitt team to Gallagher. The business has a great reputation for customer service, and its specialisms in motorhome and motorbike are a great fit for our business. In any transaction we always look for likeminded people and I am confident that as part of Gallagher, the Devitt team and business will flourish.”
William Hughes, Managing Director of Devitt said: “We are very pleased to find a permanent home and a fantastic partner for our business. The Gallagher team share our values and their focus on great client service fits well with what we do best – looking after our customers. Its fantastic news for our team that we will be part of a market-leading global broker going forward, and this partnership will enable us to continue our track record for growth, and provide a springboard for further success.”
For more information on Devitt visit: www.devittinsurance.com/