Turners Limited’s purchase of Autosure, announced this morning, comes at a significantly lower price than what was paid for it by Suncorp’s Vero division 12 years ago.
The Australian bank paid $68 million for the Autosure business, with Turner’s paying $34 million for the firm now.
What is unclear is exactly how much of the original company is being sold now, with the sale in 2004 including the much-smaller Crown Insurance brand.
Business as usual for market
Initial comment indicates the takeover of Autosure will mean little change to the mechanical breakdown insurance market.
Provident managing director Steve Owens – who previously headed the Autosure business – says it will be business as usual.
“I think it will be pretty much business as usual and dealers will continue to write business with whoever suits their business needs and offers them the best value,” Owens says.
