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Tokio Marine HCC International to acquire UK commercial motor MGA
The deal values Direct Commercial Limited at a business writing more than GBP 200 million in gross written premium, and it will keep operating under its existing brand after the acquisition.
Tokio Marine HCC International (TMHCCI), a member of Tokio Marine HCC, has signed a definitive agreement to acquire Direct Commercial Limited (DCL), a specialist UK commercial motor managing general agent, along with DCL’s sister company, Direct Commercial Premium Finance Limited.
DCL is headquartered in Chelmsford, Essex, and underwrites commercial fleet coverage for operators across the UK. The company is described as one of the UK market’s fastest-growing motor fleet underwriters, with gross written premium of more than GBP 200 million and products offered for fleet, multi-vehicle and individual risks via a dedicated UK broker network.
After the acquisition closes, DCL will continue to operate as a standalone business, preserving its brand, team and broker relationships, while benefiting from TMHCC’s scale and financial strength. Tokio Marine HCC International said the purchase opens a new line of business for the group, commercial motor, as part of its specialty growth and diversification strategy.
TMHCCI’s chief executive, Thibaud Hervy, said DCL brings specialist UK fleet insurance capability supported by underwriting and claims expertise and broker relationships. DCL’s CEO, Phil Cunningham, said TMHCCI is intended to support the next stage of development for DCL’s people, brokers and clients.