Direct Group Continues Rapid Expansion
26/05/2010 09:00:00 by Marketing
Direct Group, the fast-growing insurance services provider has completed the acquisition of Evander Validation Services Limited (EVS) for an undisclosed sum.
EVS is one of three companies in the Evander Group which were bought from HomeServe Plc in September 2009.
Following the deal, current EVS Managing Director Colin Jones will continue to lead the rapid growth of the division which has established itself as market leader in the provision of contents validation and fulfilment services.
The transaction is a strong strategic fit for both businesses and adds to the enlarged group’s portfolio which spans product development, sales and premium collection, policy administration, claims management, reporting and performance management.
It is the latest step in Direct Group’s continued expansion which has seen it acquire a number of businesses including Millennium Insurance, a
Combined with organic growth, these deals have seen revenues at Direct Group rise from £8 million in 2007 to around £13 million in the current financial year.
Direct Group is now a leading player in the outsourced insurance administration, claims handling, validation and fulfilment market with products and services spanning property, protection, motor and travel.
Derek Coles, CEO of Direct Group added: “This deal provides Direct Group with an opportunity to further strengthen and add scale to the company. We have rapidly grown our property and travel claims propositions recently and the EVS model complements both these areas. I am delighted Colin Jones will continue to lead EVS focusing on providing exceptional service lead solutions tailored to the needs of its different clients. This move marks another significant step towards Direct Groups core strategy of delivering wider insurance solutions to our partners.”
Colin Jones, Managing Director of EVS, said: “Direct Group has been actively seeking a route into EVS’ space and when they began talking to us, it was clear that a deal would be a strong cultural and strategic fit for both businesses. I’m looking forward to working with Derek and the wider team to take this enlarged and enhanced proposition to market.”
Jonathan Simpson-Dent CEO Evander Group commented: “EVS has been an important part of the Evander Group to date and the team has made excellent progress in rapidly developing the business. Direct Group is uniquely positioned to take EVS to the next level and I am confident that this move will be beneficial for our customers and employees.”
