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Innovation Group announces transforming acquisition

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Innovation Group announces transforming acquisition

Innovation Group (IG) has today announced that its UK business is acquiring TCS Claims (TCS) from Endsleigh Insurance Services Ltd, and starting a strategic relationship with Endsleigh for the provision of claims handling services.

The transaction sees IG acquire the assets of Burnley-based TCS, which was established by Endsleigh in 1999. The business provides a full-service claims handling capability to a number of insurers, brokers, MGAs and fleet operators. As part of the transaction, IG will combine its extensive repair network with TCS’s claims handling expertise to create a market-leading, end-to-end claims capability. IG will also invest significantly in the technology platforms provided to clients to offer a fully integrated, digital claims journey. As part of the broader relationship announced today, IG will become the exclusive partner for Endsleigh’s future claims handling requirements. This will incorporate claims activity for a full range of motor and property perils on behalf of the broker, including student possessions, contents, block hall, landlords and travel. This builds on a longstanding relationship between IG and Endsleigh, dating back to 1999.

Tim Griffiths, Group CEO of Innovation Group, said: “This is an important development for Innovation Group’s UK business and marks our entry into the market as a fully integrated claims manager. With our extensive UK repair network and TCS’s considerable skills and expertise, we firmly believe we will be at the forefront of a rapidly developing market. As we have witnessed in other geographies, our clients are increasingly seeking an end-to-end claims capability and TCS is the perfect partner, both for our UK business and as a means of developing this capability globally. We look forward to welcoming our new colleagues to Innovation Group and to working with them as we integrate the business. Furthermore, the announcement of a long-term, strategic relationship for the management of Endsleigh’s future claims requirements is an equally significant development.”

Jeff Brinley, CEO of Endsleigh, adds: “This is a really exciting time for us and we are delighted to commence the strategic relationship with Innovation Group, to ensure we bring compelling claims propositions to our customers. This arrangement also means that all our colleagues currently working within the TCS claims operation will transfer their employment under a TUPE agreement. The acquisition by Innovation Group forms part of the announcement we made last year regarding a strategic review of our business and a transformation programme to ensure we are in the best shape to grow in core areas, together with meeting the evolving needs of our customers, insurers and partners.”

Ends.

 

 Notes to editors

 About Innovation Group

Innovation Group manages critical incidents in the car and home on behalf of the world’s leading insurers, brokers and fleet managers, together with warranty and service plan provision for many automotive manufacturers globally.  Our solutions are supported by a word-class supplier network, outstanding people and sophisticated technology platforms which integrate seamlessly with clients.  As a result, we reduce indemnity and operational spend, improve customer experience and provide powerful data insights to our clients.

Innovation Group employs over 3,000 people world-wide, operating from offices in the UK, France, Spain, Germany, Poland, Belgium, USA, India, South Africa and Australia.  The Group serves over 1,200 clients, comprising 15 of the top 20 global general insurers and 3 of the top 5 fleet and lease management companies globally.

In December 2015, Innovation Group became a private company through an investment made by The Carlyle Group, a leading global alternative asset manager.

For more information about Innovation Group, please visit www.innovation-group.com.

About Endsleigh Insurance Services Ltd

Endsleigh Insurance Services Limited is the trusted brand for student insurance, and the only one recommended by NUS. Originally founded in 1965 to serve the student market, Endsleigh has since broadened its products and services for graduates and professionals, as well as being the preferred business insurance supplier for a variety of organisations across the education, non-for-profit, travel and property sectors.

 

For further information

Innovation Group

Jo Hadden

joanne.hadden@innovation.group

01489 898300

 

Endsleigh

Endsleigh PR

endsleigh@wpragency.co.uk

0121 456 3004

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