Equity Insurance Partnerships (EIP) has been sold to NMG Group (subject to regulatory approval), an international consulting and advisory group.
The sale of EIP had been expected since the change of ownership of its parent, Equity Insurance Group at the start of this year. EIP is a significant affinity broker with a number of motor manufacturer partnerships (including Renault, Honda and Mazda), as well as others with First Direct, Royal British Legion and Costco.
One of the more interesting aspects of the purchase is that NMG currently has a major stake in iGO4, a specialist provider of insurance solutions for brands operating on the aggregators. The corporate press release mentions the "synergies" of the two businesses working closely together and it will be interesting to see what this means in practice.
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