Today, we're excited to announce that our major shareholder Aquiline has completed its strategic review of ERS, deciding not to pursue a sale and to continue to invest in the company.
Aquiline invested in ERS in 2013 and under its ownership, the company has transformed ERS into the UK’s leading specialist motor insurer. 2018 saw ERS deliver record profits and its lowest combined ratio since 2013. 2019 has started well with double-digit premium growth year-on-year reflecting investments made in people, IT and infrastructure coming on stream.
ERS CEO Ian Parker said, “I’m really pleased that Aquiline has decided to hold onto ERS. It means we continue to have an owner that believes in our plan. They believe in our motor only, broker strategy. They believe in writing for profit, not volume. And they believe in the ERS team. Aquiline and the team believe that ERS represents a growth opportunity with efforts focused on building book value, increasing earnings and returns and we look forward to driving that together”.
The decision to retain ERS also sees Aquiline enter a new investment period shifting its focus to business development, both organic and inorganic. This builds upon what ERS has achieved already under Aquiline, and looks to exploit market opportunities using the strength of ERS’ operational infrastructure and market franchise.
The goal remains as before, cementing ERS as the UK’s #1, profitable, specialist motor insurer.
