ITC Compliance, a UK intermediary Financial Conduct Authority (FCA) Network, has been purchased by Fortegra Group, a global speciality insurer.
Fortegra said the acquisition establishes its footprint in the region and provides a ‘wholly vertical’ compliance solution for the UK’s automotive market.
The partnership will also enable Fortegra to tap into ITC's digital platforms to provide enhanced services to the company's automotive partner.
Terms of the deal were not disclosed and existing ITC members can continue to work with insurers and finance providers of their choosing, Fortegra said.
ITC Compliance reportedly holds over a 1,000 UK car retailers' FCA permissions, including several of the AM100.
Sanjay Vara, chief underwriting officer and executive vice president at Fortegra, said: “For nearly 20 years, ITC has been an innovative leader in providing compliance solutions to allow businesses to focus on what they do best.
“We are thrilled to join forces, expand our distribution channel, and continue investing in cutting edge technology for our clients and partners."
ITC and Fortegra will provide all network members a complimentary direct sales platform.
Founded initially as an insurance specific training company, ITC has provided Appointed Representative (AR) status to more than 2,600 organisations across the UK and Northern Ireland, allowing those ARs to engage in regulated financial activities with less risk and more speed than if they were to acquire their own direct authorisation, said Fortegra.
In addition to acting as a regulatory intermediary, ITC also acts as a broker and third-party administrator, complete with bespoke systems and self-funded premium credit.
Matthew Dyer, founder and chief executive officer of ITC, said: “Today is a milestone for our company, as it further validates our market leadership and industry excellence.
"Fortegra's strength and outstanding reputation are traits we will leverage going forward, just as they were important factors in our selection process. I can't wait for our next chapter."