Prestige Insurance has agreed to acquire Northern Ireland-based insurance broking services company Autoline for an undisclosed amount.
Autoline was established in 1975 in Newry. The insurance broking company, which was acquired by Michael Blaney in 1997, offers a range of services across auto, home, business, farm and financial services.
Prestige Insurance CEO Trevor Shaw said: “Following the investment brought by our new majority owners, Capital Z, we have openly stated that we have ambitious plans for growth of the Group. Very much like our own business, Autoline has a customer-centred approach and a strong reputation, which makes it an excellent fit and an obvious choice for acquisition.
“As a newly combined management team we will utilise the knowledge and experience of both businesses for the benefit of our customers and for maximum growth in Northern Ireland and beyond.”
Trevor Shaw continued saying: “Both businesses have a successful track record and we will be firmly focused on ensuring business as usual for all customers and staff. Customers of both businesses can be confident that their current insurance cover will not be affected by this move.”
Prestige Insurance stated that this deal is subject to final approval from regulatory authorities.
Once the approval is received, Prestige Insurance will expand its employee base to more than 700, while increasing its business turnover to £100m, Irish News reported.
Autoline managing director Michael Blaney said: “We believe this is the right and best approach to building on the value we have created in recent years for our customers and employees at Autoline. I am confident this will deliver enhanced opportunities and benefits for both customers and staff going forward.”
Founded in 1973 Newtownabbey, Northern Ireland, Prestige Insurance offers a range of insurance services that range from broking, underwriting, insurance software and claims management.
In October, Prestige Insurance completed a deal with US-based equity firm, Capital Z to acquire 65% stake in the company. This deal was approved by the Financial Conduct Authority (FCA) and the Central Bank of Ireland.