Direct Group Acquires Millennium Insurance
03/06/2008 10:00:00 by Marketing
Direct Group Limited today announced it had bought Millennium Insurance a Midlands based provider of General Insurance solutions to the Mortgage broker and IFA market, for an un-disclosed sum.
Derek Coles CEO of Direct Group commented “ Millennium provides Direct Group with a front end sales proposition for our Corporate and Affinity customers offering a full range of General Insurance products across both Personal and Commercial lines. It fits well with our established policy Administration and in house Claims management businesses allowing the Group to access new markets and provide a broader range of services to both new and existing customers. We have examined a number of opportunities since the buyout last year and with the distribution and capability Millennium provides Direct Group this is an excellent fit.”
Steve Clowes Managing Director at Millennium added “We can provide a one-stop solution for our Business Partner clients using the Millennium Online Trading Centre or, our Referral service where we can undertake the regulated General Insurance sale on our clients behalf, or alternatively Affinity Programmes where we provide a web to web link for clients customers to “self select” their General Insurance needs on a non advised basis. Working as the in house distribution vehicle for Direct Group we can provide a full set of FSA regulated broker based point of sale options with full back office support to the wider Direct Group customer base.”
Coles ended by saying “this move allows us to deepen our product and service offering to both the mortgage and intermediated markets.”
Notes to Editors
Company Background
Direct Group has grown rapidly since its launch in 1990 and was subject to a management buyout in August 2007; the management team acquired the business with the backing of Lloyds Development Capital and Barclays Bank. This deal will be a launch pad for rapid growth for Direct Group as it plans to treble over the next three years through acquisition and organic growth.
Millennium Insurance Brokers Ltd was established in 1996, and is a CII Chartered Insurance Broker and member of BIBA.
Company Vision and Culture
As a Managing General Agent (MGA), Direct Group aims to be the leading insurance services provider to the UK financial services marketplace. This vision is based around a philosophy of “treating customers and partners as we would expect to be treated ourselves”. The high quality of service offered by Direct Group is supported by a scalable and robust business platform which not only provides Clients’ and Insurers’ with unparalleled quality of management information but also provides the basis for expansion into new products and new market sectors.
Direct Group currently operates on a business-to-business basis by offering products to financial institutions, corporates and affinities.
The services offered by Direct Group include product design, account development and training, policy administration, premium collection, claim handling and sales, insurer and captive reporting.
Direct Group Limited is authorised by the FSA.
For further information please contact Hilary Thompson, Communications Officer, at hilarythomspon@directgroup.co.uk or by telephone on 01302 380302.
Website: www.directgroup.co.uk
