Morton Insurance buys private hire business of Export & General Insurance Services

The policies will transfer over as they come up for renewal, Morton’s managing director Adrian Morton explained.

The firm, which has three staff, will not be taking any employees as part of the buy.

It is the first acquisition Morton Insurance has made for more than 20 years, and the company is planning to strike more deals.

“I would hope to make one more [deal] this year definitely,” owner-Adrian Morton confirmed.

“We will keep talking to people. We have an M&A broker, but we are not going to rush into things and prefer to self-fund on purchases.” 

Target market

Morton Insurance is a member of Hedron Networks, and the firm also works with Blink Intermediary Solutions which connects UK insurance brokers to insurance products and capacity solutions.

Founded in March 1987, Morton currently has £1.5m of gross written premium. While it deals in landlord, home, buildings and commercial property insurance, as well as shop and office packages, private hire and fleet make up the bulk of the business.

“It is our main target market,” Adrian Morton acknowledged.

“We are one of the first private hire specialists. There are quite a few around now, but you will find that they all started a lot later than us.”

Adding: “Things are certainly picking up on organic growth and we are more or less back to pre-pandemic levels.”

Improved package of service

David Kremer MD of E&G commented on the sale: “We are delighted to offer our existing private hire clients an improved package of service through Morton.”

Adrian Morton listed that, alongside an exclusive scheme with Eridge Underwriting, the broker also deals with Haven/Granite, Collingwood, Q Underwriting, Sabre and Inshur. It has Markerstudy on its taxi panel and deals with Zego on the fleet side.

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