Business news

Ulster Bank backs Prestige Insurance Holdings expansion

Posted By:
Ulster Bank

26th Feb 2024

Ulster Bank has supported one of Northern Ireland’s largest insurance groups, Prestige Insurance Holdings, to complete the acquisition of a locally owned insurance brokerage in Derry~Londonderry.

Find Insurance NI will now come under the Prestige Insurance Holdings umbrella, which also lists AbbeyAutoline, Covernet, Prestige Underwriting and Stroll among its brands.

Since 2015, Ulster Bank has helped fund the strategic acquisition plan of Prestige Insurance Holdings, establishing the Co Antrim based company as the largest insurance group in Northern Ireland. Known for delivering specialist products and services in broking, underwriting, and insurtech, Prestige Insurance Holdings operates across the United Kingdom and the Republic of Ireland.

The latest acquisition comes as Prestige Insurance Holdings embarks on an ambitious growth strategy to expand its expertise and reach within the Northern Ireland marketplace.

Ulster Bank was one of 2 lenders to support the deal, alongside Bank of Ireland.

Damien Long, corporate banking relationship director at Ulster Bank, said: “Ulster Bank has developed a strong relationship with the senior management team and shareholders of the business, since supporting their acquisition of Open + Direct back in 2015 and we are very pleased to support the business’s most recent acquisition. This deal cements the group’s position as the leading brokerage in Northern Ireland and reflects the impressive growth strategy and ambition of the management team.”

“It is welcome that Prestige Insurance Holdings is expanding further in the northwest and has committed to preserving the unique identity and values of this trusted brand which has served the community for over 50 years. At Ulster Bank, we are committed to supporting business growth right across the region so, we are very pleased to provide this funding package.”

Trevor Shaw, Chief Executive Officer of Prestige Insurance Holdings, said: “This funding package will allow us to continue our investment and fulfil our growth plans as we seek to extend our service offering to better meet the evolving needs of our clients today. We are grateful to Ulster Bank and the other lenders for their support.”