HCC International Insurance Company, a subsidiary of the specialty insurance group Tokio Marine HCC, has signed up to purchase Qdos Contractor, part of the Qdos Group. The transaction’s completion is expected by Q4 2018.
Qdos Contractor provides insurance products and services to the U.K. independent contractor and freelancer market via its online delivery platform.
The deal will not affect Qdos Groups’ seven remaining businesses, all of which will continue to operate independently through the current owners.
Commenting on the acquisition, Christopher J.B. Williams, Tokio Marine HCC’s Chief Executive Officer (CEO), said, “We are pleased to acquire this outstanding agency and welcome its team of professionals to Tokio Marine HCC.”
Barry J. Cook, CEO of Tokio Marine HCC International, added, “This acquisition is a great addition to our very successful U.K. based Professional Risks Division. We look forward to the growth opportunities provided by this well-established brand and innovative platform. We are also pleased to bring this talented team into our group.”
Founder and Chairman of The Qdos Group, Stephen J. Greenwell, said “This acquisition shows that Tokio Marine HCC has great confidence in the sustainable growth potential of this specialist sector of the UK insurance market.”
“Placing the business into the hands of this global brand gives our staff an excellent future and a rapidly growing client base. We have worked with Tokio Marine HCC for over ten years now, and they share our values, know our staff and importantly, understand the needs of our clients”
Alf Gordon, financier of The Qdos Group’s 2013 MBO and CEO of The Qdos Group, added, “This deal marks the start of an exciting new chapter for Qdos Contractor, after what has been a very successful period for the company. Following the restructuring of the group, we focused on driving growth through innovation and technology. With Tokio Marine HCC now at the helm, we are confident Qdos Contractor will build on its recent success.”
