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PRIVACY
Professional Services

Black Country insurance brokerage acquired by North West firm

MyPolicy has been bought out by Acorn Group as it looks to strengthen its position in the telematics insurance market

MyPolicy founder Patrick Quinn (left) and Acorn Group chief executive Mike Lloyd and chief financial officer Kyle Tyrrell

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.

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.