NCI Vehicle Rescue plc (ISDX: NCI), the multi-faceted insurance provider, has today confirmed that it has signed a deal to acquire a book of pet business from AXA Insurance for an undisclosed sum.
In line with the stated strategy of acquiring complementary revenue streams to augment the Group’s organic growth, the book of business being acquired provides supplies pet insurance cover for cats and dogs and should bring approximately 10,000 new clients to NCI’s already established pet insurance business. NCI’s current pet insurance book has been built under a number of brands and continues to be an important area of growth for the company.
As per the strategy, The NCI board continues to investigate other opportunities to further enhance their standing in the insurance arena.
Neil Richards-Smith, Managing Director and co-founder said:
“This is an enormously exciting deal for NCI. We’re confident that we have the level of expertise and high standards of service and policies to continue to provide the same level of service that customers would expect. We have a strong position in the market with our current schemes and this deal further cements our pet insurance proposition. We see pet insurance as an expanding market with opportunities for growth. Our strengths in this market are our strong financial controls and diligence in looking after our schemes carefully and ensuring our clients get the personal service and cover they need.
This acquisition is in line with our stated growth strategy and further highlights our commitment to build our business through sustainable insurance offerings. Although organic growth continues to be a vital component, acquiring additional customers through acquisitions is a key part of our overall medium and long term plan.”