Kwik Fit in Expansion and Acquisition Plans

Kwik Fit has plans for significant growth in the coming five years including plans to start underwriting their own policies within twelve months.  Part of its growth plans will be the acquisition of other insurance brokers with a view to doublings it's current motor insurance client bank to in excess of a million customers.

Kwik Fit, who are based in Scotland, is keen to more into underwriting and is probably looking to enter the market through one or more joint venture deals.  The new chief executive is particularly interested in the home insurance market where the product margins are more generous.  Kwik Fit currently holds over 100,000 home insurance clients.

Kwik Fit is looking at businesses from £1m+ valuations to acquire and its owners (French VC Group, PAI) have approved the plans and are said to be backing it with substantial funding.