Warranty provider Car Care Plan has completed a deal to buy the assets of insurance broker Verex as the group looks to expand its offering.
The acquisition, for an undisclosed sum, sees Verex’s team, customers, systems and processes brought within the fast-growing Car Care Plan (CCP) group.
The firm has been quick to reassure customers there will be no disruption to their experience and policies and excess return vouchers will continue to be valid after the takeover is complete.
Bosses also say that contact details in customer policy and accident aftercare documentation will remain the same.
The acquisition has been described as ‘a great strategic fit’ by Car Care Plan CEO Ben Russell, who welcomed the Verex team.
Russell said: ‘Verex is the UK market leader of vehicle manufacturer-branded car insurance products.
‘In my view, there is no other company in the UK that can match their capability to offer the same quotability for vehicle manufacturer-branded insurance products, along with the technical repair expertise and accident management processes, to ensure the use of genuine parts and approved technicians.
‘Like many companies, Verex was hit hard by the reduction in new vehicle sales during the pandemic and subsequently faced financial difficulties, but its employees and systems have market-leading capabilities.
‘Verex’s talented team has transferred across to CCP, along with the systems, processes and customers. It’s the people that make the difference and we’re so happy they’ve joined the CCP group.
‘Verex is a great strategic fit for CCP because, as a team, we’re all focused on supporting the strategic objectives of vehicle brands, their customers and retail networks.
‘The automotive industry is rapidly changing. Improvements to vehicle connectivity, active safety functionality, crash detection and driving automation will fundamentally affect how traditional insurance products operate.
‘This provides a significant opportunity for vehicle brands to provide value-added insurance services, which generate increased customer satisfaction and loyalty.’