Affinity specialist SPB UK, a subsidiary of SPB Group, has announced that it has acquired the insurtechs Loyal Insurance Services Ltd and Square Pound Ltd, for an undisclosed amount.
The insurtechs own the Insurance2go and Better Buy Insurance brands respectively, providing online insurance services, with a focus on cover for mobile phones and other gadgets. SPB Group hopes that the acquisitions will help it to expand and bolster its digital marketing profile; the deal will not impact SPB UK’s existing customers and clients, but it is hoped that there will be positive benefits, for example in terms of a broadening of service capabilities.
There are presently no plans to change the brands themselves.
Lorraine Higham, Managing Director of SPB UK, said that the company was ‘very pleased’ with the deal: “[The acquisition] significantly strengthens our position in the UK and contributes to the international growth strategy of SPB Group.”
SPB Group, which operates as a white-label broker in a number of countries – including Austria, China, Germany, Portugal, Switzerland and the US – was the UK’s first specialist mobile phone insurance provider.