Melbourne, Australia, 6 August 2016 – Eric Insurance Limited (Eric), a wholly Australian owned general insurer, and Swann Insurance (Aust) Pty Ltd, a leading provider of motorcycle insurance, today announced completion of the transaction that saw Eric acquire the Swann Insurance motor vehicle sales and distribution arm.
Prior to completion, Eric Insurance was experiencing continued growth year on year. To support this appetite for growth, Eric acquired a business that suited their current strategic direction in the motor dealer market.
Eric’s Chief Executive Officer, David Pemberton, said Eric’s measured business decision combines the many years of experience, talent and passion of both organisations creating an exciting new beginning for the business.
“Our passion for the automotive industry, coupled with our progressive and customer centric style, enables us build long and strong relationships with our now extensive network of car dealers, finance brokers and salary packaging customers. We have a vested interest in the industry, meaning we are committed to making things better now, and in the future for our clients and customers,” said David Pemberton.
“This exciting announcement fast tracks our strategic ambitions to deliver to the market leading product development, technology innovation, best of breed platforms and processes, and superior training, people development and support“, said Pemberton.
“Both the management teams of Swann Insurance and Eric Insurance are fully committed to working together to ensure a smooth transition with the premise to maintain a business as usual approach for both clients and customers alike”, Pemberton concluded.
Eric was advised by Miles Advisory Partners.