We’re pleased to have supported Principal Insurance in its acquisition of Europa Group, the Bristol-based broker best known for its long-established MotorCycle Direct brand.
The deal will place Manchester-headquartered Principal among the top five intermediaries in the motorcycle market and provide a launch pad for further expansion in the sector.
Financed exclusively through shareholder funds, the deal includes MotorCycle Direct and Europa Underwriting, which trades under the Ridersure wholesale brand. It creates a broking group serving more than 120,000 policyholders and generating over £60 million in annual gross written premium.
The Europa deal is the latest in an ongoing series of acquisitions, with Principal actively looking to complement its organic growth through the purchase of both specialist brokers and books across its key personal and commercial lines.
Our Corporate team, led by Partner Matt Noon, acted as lead legal advisors to Principal and its management team.
We’re proud to have supported Principal on this strategically significant acquisition. The addition of MotorCycle Direct and Europa Underwriting represents a strong platform for continued growth in a competitive market. It’s been a pleasure working with Dave and the wider Principal team, and we’re proud to have played a part in helping them take this important step in their expansion journey.Matt Noon
Partner at Hill Dickinson
Dave Bowcock, Managing Director at Principal Insurance, said: “This acquisition not only makes impeccable commercial sense to Principal, but provides Europa with the opportunity to unlock shareholder value while joining a group with the scale and investment capacity to support its next phase of growth. Europa has a fantastic retail pedigree upon which, through investment and our product and technological expertise, we will further build.
“Matt and the Hill Dickinson team were an excellent source of support and were a pleasure to work with – always available, commercially minded and practical in helping us reach completion.”
Matt Noon, Corporate Partner at Hill Dickinson, said: “We’re proud to have supported Principal on this strategically significant acquisition. The addition of MotorCycle Direct and Europa Underwriting represents a strong platform for continued growth in a competitive market. It’s been a pleasure working with Dave and the wider Principal team, and we’re proud to have played a part in helping them take this important step in their expansion journey.”