Personal Touch Insurance has sold a 9.99% share of its business to Aegon UK for an undisclosed sum.
The company, based in Solihull in the West Midlands, distributes a full range of financial services, mortgage and general insurance products through its intermediary channel. In addition, it provides a number of quality ancillary services to support its core distribution.
Currently the business has in excess of 10,500 introducing agents and this continues to grow at a strong pace.
As a result of its approach to partnerships with both distributors and providers, Personal Touch has grown significantly in the past four years, doubling turnover every year to it's current level of £12m and is valued at circa £25m.
The company believes that this trend will continue forward in to 2003 as it continues to develop and invest in technology and infrastructure in anticipation of changes to the insurance market in 2004.
Mike Allison, strategic development director at Personal Touch, says: “We have developed one of the most advanced IT portals in the UK for use by intermediaries, giving us a clear advantage over many of our competitors.
“The investment by Aegon will help us to build on our success to date, and most importantly will give us the financial strength to continue our development at a time when this is becoming such a vital issue in today's market. As intermediaries choose a home for their mortgage, life and general insurance business in advance of 2004, they will be using financial strength as a key indicator.”
He adds: “We have worked closely with Aegon over the past few months and their commitment in investing in Personal Touch is a great boost to us, as it is verification that they see the market growing in a similar way.
“This is their first investment in to a new generation of distributor and we are delighted that they have shown the faith in our company by doing so.”