A Black Country insurance brokerage firm has been acquired by a North West rival.
Halesowen-based MyPolicy is a telematics insurance broker specialising in young and low-mileage drivers. It has now been bought out in an undisclosed deal by Acorn Group.
Telematics uses devices such as an in-car black box or mobile phone app which monitors how a person drives and allows insurance companies to assess how safe they are.
It is a useful mechanism for young or inexperienced drivers to gain cheaper car insurance.
Acorn was founded in 1981 and provides car, van, taxi and household insurance to retail customers, employing more than 1,400 staff across its bases in London, Liverpool and head office in Formby, Merseyside.
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Its brands include Acorn Insurance, Carrot and Motorcade and it operates a network of 200 brokers and 500,000 live policy holders.
MyPolicy, which employs over 50 people and serves 7,000 live policy holders, will continue operations under the Acorn Group umbrella, retaining its brand, management team and workforce as part of the deal.
The acquisition means MyPolicy will add intellectual property to enhance Acorn Group's existing telematics offerings while the latter's dedicated underwriter, Haven Insurance, will support MyPolicy's future growth plans.
MyPolicy's founder Patrick Quinn said: "After 15 years of innovation and expertise in telematics, MyPolicy has built cutting edge intellectual property and credentials in this rapidly growing market.
"This acquisition marks an exciting new chapter in the business' expansion, combining our proven technology and expertise with a market-leading insurer at the forefront of driver telematics.
"Together, we gain instant scale, enhanced capacity and are well positioned for future growth."
Kyle Tyrrell, Acorn Group's chief financial officer, added: "MyPolicy is one of the º£½ÇÊÓƵ's leading telematics brokers specialising in young drivers and low mileage drivers.
"Its sustained focus on this market has enabled the business to develop significant expertise, innovations and a loyal customer base that will strengthen Acorn Group's position in telematics insurance."
Chief executive Mike Lloyd said: "We have been investing significantly over the past several years in telematics products for our customers.
"In 2021, we acquired Carrot, a telematics broker, which has enabled us to make significant strides in the telematics market.
"The acquisition of MyPolicy will provide us with additional capabilities to further advance our customer offering and support our growth and position in this market."
