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19 May 2013
The Warranty Group has acquired a 50% share in Lloyd’s coverholder National Underwriting Agencies (NUA) – and is looking to make more acquisitions.
The group’s MD Scott Grimshaw told insuranceNEWS.com.au that NUA’s product range and customer base are a good fit, with both businesses offering extended warranty and accidental damage programs.
While The Warranty Group is one of the biggest warranty providers in the global motor industry, NUA also has clients in the segment.
NUA also provides consumer credit insurance, event ticket insurance and lifestyle protection including accidental injury, trauma and involuntary unemployment.
Owners Alan Brewis and Noel Johns will continue as its principals and the business will continue to run as an independent business in the short term, with The Warranty Group providing strategic direction and support.
“We’re investing in the owners of the business and their plans are to grow significantly,” Mr Grimshaw told insuranceNEWS.com.au.
“They were looking for a ‘big brother’ because there’s a couple of opportunities they’re looking at down the track.
“There are opportunities we get that are too small, so we can pass those on and get a reward through part-owning the company.”
The Warranty Group has been “quite quiet for the past few years” but is now considering other growth opportunities in extended warranty, accidental damage and motor, Mr Grimshaw says.
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