Automobile Care Plan’s acquisition of the belongings of insurance coverage dealer Verex from administration is being hailed as a “an ideal strategic match” by its chief government Ben Russell.

Verex was an insurance coverage dealer that bought motor insurance coverage merchandise from a spread of insurers and entered into administration in August.

Directors at PBC Enterprise Restoration and Insolvency stated the sale safeguards 75 jobs and protects virtually 40,000 insurance coverage insurance policies which might be presently in drive.

Russell offered reassurance to Verex prospects that their insurance coverage insurance policies, extra return vouchers and accident companies will proceed to be lined.

“Verex is the UK market chief of auto producer branded automobile insurance coverage merchandise,” he stated.

“In my opinion, there isn’t a different firm within the UK that may match their functionality to supply the identical quotability for automobile producer branded insurance coverage merchandise, together with the technical restore experience and accident administration processes, to make sure using real components and authorized technicians.

He stated Verex had been hit laborious by the discount in new automobile gross sales in the course of the pandemic and subsequently confronted monetary difficulties, regardless of its workers and programs providing market main capabilities.  

“Verex’s proficient group has transferred throughout to CCP, together with the programs, processes, and prospects. It’s the those that make the distinction and we’re so comfortable they’ve joined the CCP Group.

“Verex is a superb strategic match for CCP as a result of, as a group, we’re all focussed on supporting the strategic aims of auto manufacturers, their prospects and retail networks.

“The automotive trade is quickly altering. Enhancements to automobile connectivity, energetic security performance, crash detection and driving automation will essentially have an effect on how conventional insurance coverage merchandise function.

“This gives a major alternative for automobile manufacturers to offer worth added insurance coverage companies, which generate elevated buyer satisfaction and loyalty.”