Kingfisher Insurance has purchased the motorsport book of Lloyd’s broker Shepherd Compello, a statement released today (29 August 2023) said.
Shepherd Compello is a family-owned business that specialises in a number of sectors, including cyber, marine, financial lines and sports, media and entertainment.
Kingfisher said that it had bought the firm’s motorsport book as part of its strategy for Reis Motorsport.
Reis Motorsport, which offers policies to a range of competitors and teams competing in GP2, Formula E, Stage Rallying, Le Mans and GT series, was acquired by the broker earlier this year (6 June 2023).
It said that the new motorsport book would bolster both firms’ presence and client base in the motorsport market.
“The new clients will benefit from the unrivalled knowledge and experience of the motorsport team, along with the exceptional level of service that customers have come to expect,” Kingfisher added.
With Reis Motorsport, Kingfisher offers insurance solutions to motorsport teams, competitors, event organisers and enthusiasts at all levels.
Mary Singleton, senior operations manager at Reis Motorsport, said the new motorsport book would help the firm “support more of the motorsport industry”.
“We would like to welcome our new clients and look forward to delivering the excellent service that Reis is known for,” she added.
“As a team that has genuine passion and enthusiasm for the sport, the purchase enables us to support more of the motorsport industry by growing our market presence and increasing our client base – whether professional or enthusiast, competitor or teams.”
Jacquie Boast, chief executive of Kingfisher, added: “The purchase of the Shepherd Compello Motorsports portfolio contributes towards our strategy for Reis to become the leading specialist motorsport insurance provider after acquiring the brand earlier this year.”
Kingfisher added that the new clients will also have access to other products from the broker.
This includes motor trade, private client, classic cars and bikes, specialist commercial and non-standard home insurance.
This news article came from: https://www.insurancetimes.co.uk/news/kingfisher-snaps-up-brokers-motorsport-book/1445446.article