Car Care Plan’s acquisition of the assets of insurance broker Verex from administration is being hailed as a “a great strategic fit” by its chief executive Ben Russell.
Verex was an insurance broker that sold motor insurance products from a range of insurers and entered into administration in August.
Administrators at PBC Business Recovery and Insolvency said the sale safeguards 75 jobs and protects almost 40,000 insurance policies that are currently in force.
Russell provided reassurance to Verex customers that their insurance policies, excess return vouchers and accident services will continue to be covered.
“Verex is the UK market leader of vehicle manufacturer branded car insurance products,” he said.
“In my view, there is no other company in the UK that can match their capability to offer the same quotability for vehicle manufacturer branded insurance products, along with the technical repair expertise and accident management processes, to ensure the use of genuine parts and approved technicians.
He said Verex had been hit hard by the reduction in new vehicle sales during the pandemic and subsequently faced financial difficulties, despite its employees and systems offering market leading capabilities.
“Verex’s talented team has transferred across to CCP, along with the systems, processes, and customers. It’s the people that make the difference and we’re so happy they’ve joined the CCP Group.
"Verex is a great strategic fit for CCP because, as a team, we’re all focussed on supporting the strategic objectives of vehicle brands, their customers and retail networks.
“The automotive industry is rapidly changing. Improvements to vehicle connectivity, active safety functionality, crash detection and driving automation will fundamentally affect how traditional insurance products operate.
"This provides a significant opportunity for vehicle brands to provide value added insurance services, which generate increased customer satisfaction and loyalty.”