12th March 2024
Academy Insurance Services (Academy) has reached an agreement with Allianz Holdings plc (Allianz) 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.”
Summarising the announcement, Gilles Normand said: “I expect 2024 to be a critical year for Academy with multiple acquisitions due to complete in the coming months after this important deal.”
“We have our sights set on other acquisitions where vendors are looking to create a good return from their life’s work, but also seeking a home for their business which sits easily with their own values.”
Completion of the acquisition is conditional upon the satisfaction of certain conditions, including FCA approval.
Allianz was advised by Deloitte FIG Corporate Finance as exclusive lead financial adviser and Pinsent Masons LLP as legal adviser. Academy Insurance was advised by PKF Littlejohn and Gordons LLP.
Academy Insurance was founded in 1995. , The business has grown over the years and now serves 50,0000 customers from across the South and West of the UK. In 2023, private equity house Blixt Group invested in the business with a strategy to develop its people and technology, and make funding available to the management team to grow both organically, and through M&A.
Visit: https://www.academyinsurance.co.uk
Information:
Ben Welsh 07568 382040
Mark Bishop 07802 925053
Allianz Holdings plc is the non-regulated holding company which owns the principal insurance operations of Allianz SE in Great Britain including Allianz Insurance
The Allianz Group is one of the world's leading insurers and asset managers with more than 122 million* private and corporate customers in more than 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 706 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2022, over 159,000 employees achieved total revenues of 152.7 billion euros and an operating profit of 14.2 billion euros for the group***.
* Including non-consolidated entities with Allianz customers.
** As of September 30, 2023.
*** As reported – not adjusted to reflect the application of IFRS 9 and IFRS 17