The acquisition of Cork Bays & Fisher by Advantage Financial Services signals a significant move in the insurance sector.
- The deal involves the transfer of the brand, business book, and most employees to Advantage Financial Services.
- Aimed at maintaining the company’s legacy, Cork Bays & Fisher will operate as an independent entity post-acquisition.
- Advantage Financial Services is expected to facilitate a seamless transition, ensuring consistent service levels.
- The move follows Kingfisher Insurance Services’ strategic review of their operations and decision to transfer.
The acquisition of Cork Bays & Fisher by Advantage Financial Services marks a pivotal moment in the insurance brokerage industry. This transaction, involving the brand, book of business, and majority of the workforce transferring to Advantage, is aimed at strengthening the latter’s position within the travel insurance sector. Kingfisher Insurance Services initiated the sale as part of a strategic decision to consolidate its operations.
Advantage Financial Services, a subsidiary of The Advantage Travel Partnership, has agreed to keep Cork Bays & Fisher operating as a standalone entity. This is in line with their strategy to preserve the renowned reputation and expertise associated with the acquired brand. This move underscores Advantage’s commitment to leveraging the strengths of Cork Bays & Fisher, capitalising on their well-established market presence.
Advantage’s Chief Operating Officer, Paul Nunn, expressed enthusiasm about the acquisition, noting that the longstanding reputation and industry respect held by Cork Bays & Fisher make them an ideal partner. The continuity of management under Heather Haggis, head of Advantage Financial Services, is expected to ensure that the transition is smooth and operationally seamless. This emphasis on stability aims to reassure existing clients and stakeholders about the consistency of service quality.
The decision by Kingfisher Insurance Services to sell followed an extensive review of their product offerings. Mark Bacon, Kingfisher’s Chief Product Officer, stated that transferring operations to Advantage Financial Services was deemed beneficial for their clients. They recognised Advantage’s specialised focus on travel insurance and their ability to sustain high-quality customer service as key determinants in the decision-making process.
The acquisition process has been designed to facilitate a smooth transition, with both companies emphasising that clients and stakeholders should experience no decline in service levels. This reassures that the acquisition will maintain the high standards associated with Cork Bays & Fisher, further strengthened by the resources and infrastructure of Advantage Financial Services.
The acquisition cements Advantage Financial Services’ role in the industry whilst preserving Cork Bays & Fisher’s esteemed identity.
