Academy Insurance Services has agreed to acquire Allianz Business Services, trading as Premierline.
Financial details related to the transaction remain undisclosed.
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A specialist in commercial insurance, Premierline will serve as a North West hub for Academy’s growth strategy.
Based in Lancaster, UK, Premierline has been a part of the Allianz group since 2006 and employs around 90 insurance professionals.
Premierline manages nearly 17,000 client relationships, catering to a diverse range of businesses from micro SMEs to large corporations.
Academy CEO Gilles Normand said that the acquisition forms part of the company’s buy-and-build strategy. The deal is also said to be a “key plank” in its medium-term strategy to form a nationally recognised brand.
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By GlobalDataThe current Premierline team will remain, and the brand and offices will continue to operate without change.
Normand added: “Premierline will be our hub business covering the North West, sitting alongside Academy in the South and West, and we are targeting others to act as our hubs, as well as centres for further bolt-on acquisitions.
“Premierline will become part of a purpose-led business that ensures that our customers are well-protected when they need us. The Premierline team are hugely valuable to us: Their skillset complements the Academy Group and will enable us to accelerate our growth plan.”
The deal is subject to the fulfilment of certain conditions, including clearance of the Financial Conduct Authority (FCA).
Allianz Commercial digital and legal protection managing director Helen Bryant said: “Premierline is a well-established player and experienced insurance broker which provides a great service.
“Our decision to sell the business aligns with Allianz’s strategic ambitions and I’m confident that Academy Insurance is an excellent fit to take the business forward, building on the fantastic work that has already been achieved.”
Recently, Allianz closed the acquisition of Tua Assicurazioni from Assicurazioni Generali for €280m.
