SPB UK, subsidiary of affinity insurance specialist SPB Group, has acquired brokers Loyal Insurance Services and Square Pound for an undisclosed amount.
Loyal Insurance owns the brand Insurance2go, while Square Pound owns Better Buy Insurance. Both brands provide insurance services for mobile phones and other gadgets.
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Commenting on the deal, SPB UK managing director Lorraine Higham 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.”
SPB UK said that the deal will not directly impact its existing customers, but should bring benefits in regards to size, scale and service capabilities.
It added that currently it does not intend to make any changes to the Insurance2Go and Better Buy brands.
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By GlobalDataThe acquired brands will continue to be led by its founders, Duncan Spencer and Gary Beeston.
SPB offers affinity insurances and services to over 100 brands. It has presence in 17 countries including the UK and the USA, Austria, Belgium, and China, among others.
