News and Press
TLT advises on sale of insurance claims management business to AXA Group company
09 June 2009
TLT has advised Supplier and Incident Management Solutions Limited on its sale to Swiftcover Insurance Services Limited, part of the AXA Group. A team of corporate finance, tax and commercial property experts from TLT advised the insurance claims management company on the sale which took place on 4th June 2009.
Supplier and Incident Management Solutions Limited employs over 320 staff. The company was formed five years ago by Tony Peppard, Neil Hopkinson and Gerry Ward and handles the management of Swiftcover's motor insurance claims.
Swiftcover was founded in 2005 by senior executives from within the insurance industry. It was the first UK insurance company to be 100% on line and offer its customers the convenience of printing their own car insurance certificate. This year Swiftcover sold its millionth car policy and is considered to be the fastest growing insurer in the UK, selling motor, travel and pet insurance.
Following its acquisition by Swiftcover, Supplier and Incident Management Solutions Limited is now a member of the global AXA group and a part of one of the largest financial service providers in the world. The owners of the sold business will remain as directors of Supplier and Incident Management Solutions Limited.
John Wood, partner and head of TLT's award-winning corporate finance practice, says, "Despite the market difficulties there are still plenty of quality businesses out there like SIMS and Swiftcover. Companies like SIMS are still holding their value and are still very attractive targets for the right buyers."
TLT's 20-strong corporate finance team includes independently-recognised experts and advises FTSE and AIM-listed companies on the full range of listing, transactional, banking and restructuring work. The team has seen 17% year-on-year growth and has an increased London presence following the acquisition of international commercial firm Constant & Constant in 2007. Clients include 3i, Avon Rubber Plc, Tui Travel Plc and Mitsubishi Corporation.
Swiftcover Insurance Services Ltd was advised by Norton Rose LLP.