Academy Insurance Services has reached an agreement with Allianz Holdings plc to acquire 100% of the equity capital of Allianz Business Services Ltd, trading as Premierline.
Premierline is headquartered in Lancaster and writes specialist commercial insurance across the UK. It was founded in 2001 as Premierline Direct, and launched the UK’s first direct to consumer commercial insurance proposition before becoming part of Allianz in 2006.
The business acquired Willis BusinessCare in 2015 and rebranded to Premierline Business Insurance Broker in 2019. It employs nearly 90 insurance experts, dealing with circa 17,000 clients, ranging from micro SME to large corporates.
Gilles Normand, CEO of Academy, hailed the acquisition as a major step forward in Academy’s buy and build strategy and a key plank in medium term plans to create a nationally respected brand utilising a hub and spoke model.
“Premierline will be our hub business covering the North West, sitting alongside Academy in the South and West, and we are targeting others to act as our hubs as well as centres for further bolt on acquisitions.”
He said: “In five years we intend to become the market benchmark for impeccable service to customers.”
“Premierline will become part of a purpose-led business that ensures that our customers are well-protected when they need us.”
“The Premierline team are hugely valuable to us: Their skillset complements the Academy Group and will enable us to accelerate our growth plan.”
“In doing so, we intend to maintain and nurture the high level of professionalism within the Premierline team after they become part of our Group.”
He continued: “We don’t sell through aggregators, so we need seasoned experts to service the customers we support. I’ve been impressed by the level of expertise in the team, illustrated by their platinum award from Feefo and their strong commitment to customer centric values.”
Gilles said that the Premierline team are to transfer across and the brand and offices will not change. “This is not a costs and synergies story, it is a growth story,” he added.
Premierline has a strong insurer partner panel in place and currently trades directly with over 40 carriers, which will bring new opportunities to the wider Academy Group.
Helen Bryant, managing director, digital & legal protection, Allianz Commercial, said: “Premierline is a well-established player and experienced insurance broker which provides a great service.”
“Our decision to sell the business aligns with Allianz’s strategic ambitions and I’m confident that Academy Insurance is an excellent fit to take the business forward, building on the fantastic work that has already been achieved.”
“Our focus now is on our people and we will be providing those involved our full support at this time of change. I’d personally like to thank our people, customers, partners and suppliers for all the support they’ve provided to us over the years.”