UK-based insurance intermediary Specialist Risk Group (SRG) has acquired the ongoing renewal rights of Morton Insurance Brokers, a taxi insurance specialist.
Financial details of the transaction remain undisclosed.
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This move is set to strengthen SRG’s retail division, Specialist Risk Insurance Solutions (SRIS), and bolster its position in the UK’s taxi insurance market.
Morton Insurance Brokers, based in London, has been engaged in providing insurance solutions to the private hire and taxi industry since 1987.
Its expertise in this specific market bolsters SRG’s current offerings, especially complementing the services provided by Cabsurance, SRIS’s business catering to London Black Cab insurance.
SRG expects the integration to create a comprehensive offering for taxi and private hire operators throughout the UK.
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By GlobalDataClients are expected to benefit from access to a broader range of insurance products and an enhanced support system.
SRG Group deputy CEO Lee Anderson said: “We are thrilled to acquire the renewal rights of Morton Insurance Brokers, a well-respected name in the private hire and taxi insurance market. This acquisition allows us to further expand our footprint in the UK taxi sector, building on the success of our Cabsurance offering.
“By bringing together the expertise of Morton and Cabsurance, we can provide even more comprehensive and tailored insurance solutions to taxi operators across the country, ensuring they have the protection and support they need.”
Morton Insurance Brokers managing director Adrian Morton said: “We are excited to join forces with Specialist Risk Group, a company that shares our commitment to providing exceptional service and specialist expertise.
“This marks an important step for our clients, as we look forward to working with the Cabsurance team to develop a leading taxi proposition for fleets and drivers across the UK.”
The latest deal continues SRG’s acquisition spree, which recently saw the addition of Anthony James Insurance Brokers to its retail operations.
Anthony James represents the fifth acquisition for SRG since securing new investment from partners Warburg Pincus and Temasek earlier in the year.
