Car Care Plan has acquired the assets of insurance provider Verex.
Verex appointied Gary Pettit of PBC Business Recovery & Insolvency as administrator on 18 August.
Car Care Plan are market leaders in the provision of insurance products, which use manufacturer genuine parts and approved technicians when you have a claim and have over 40 years’ experience in the automotive sector.
The acquisition has been described as “a great strategic fit” by Car Care Plan chief executive Ben Russell, who said:
“Verex is the UK market leader of vehicle manufacturer branded car insurance products. 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.
“Like many companies, Verex was hit hard by the reduction in new vehicle sales during the pandemic and subsequently faced financial difficulties, but its employees and systems have 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.”
Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.