Tokio Marine HCC today announced its wholly-owned subsidiary HCC International Insurance Company PLC signed a purchase agreement with Qdos Holdings Limited and other selling shareholders to acquire Qdos Contractor of The Qdos Group.
Qdos Contractor is the only business included in the deal out of the eight companies that make up The Qdos Group. The remaining businesses will continue to operate independently through the current owners.
Qdos Contractor is a leading provider of insurance products and services to the growing UK independent contractor and freelancer market via an online digital delivery platform. The closing of the transaction is subject to regulatory approvals in the UK and Japan, and is expected to occur by the fourth quarter of 2018.
"We are pleased to acquire this outstanding agency and welcome its team of professionals to Tokio Marine HCC," said Christopher J.B. Williams, Tokio Marine HCC’s Chief Executive Officer.
"This acquisition is a great addition to our very successful UK based Professional Risks Division. We look forward to the growth opportunities provided by this well-established brand and innovative platform. We are also pleased to bring this talented team into our group," said Barry J. Cook, Chief Executive Officer of Tokio Marine HCC International.
"This acquisition shows that Tokio Marine HCC has great confidence in the sustainable growth potential of this specialist sector of the UK insurance market. Placing the business into the hands of this global brand gives our staff an excellent future and a rapidly growing client base. We have worked with Tokio Marine HCC for over ten years now, and they share our values, know our staff and importantly, understand the needs of our clients," said Stephen J. Greenwell, Founder and Chairman of The Qdos Group.
“This deal marks the start of an exciting new chapter for Qdos Contractor, after what has been a very successful period for the company. Following the restructuring of the group, we focused on driving growth through innovation and technology. With Tokio Marine HCC now at the helm, we are confident Qdos Contractor will build on its recent success,” said Alf Gordon, financier of The Qdos Group’s 2013 MBO and Chief Executive Officer of The Qdos Group.
Tokio Marine HCC is the marketing name used to describe the affiliated companies under the common ownership of HCC Insurance Holdings, Inc., a Delaware-incorporated insurance holding company. Headquartered in Houston, Texas, Tokio Marine HCC is a leading specialty insurance group with offices in the United States, the United Kingdom and Continental Europe. Tokio Marine HCC’s major domestic insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings, “A++ (Superior)” from A.M. Best, and “AA- (Very Strong)” from Fitch Ratings; its major international insurance companies have financial strength ratings of “AA- (Very Strong)” from S&P Global Ratings. Tokio Marine HCC is a member of the Tokio Marine Group, a premier global company founded in 1879 with a market capitalization of $34 billion as of December 31, 2017. For more information about Tokio Marine HCC, please visit www.tokiomarinehcc.com.
With over 25 years of experience, Qdos Contractor is a specialist contractor tax, IR35 and insurance adviser. In 2018, Qdos Contractor, as part of The Qdos Group, was ranked as the private company in the UK with the highest profit margin in The Sunday Times BDO Profit Track 100. In 2017, The Qdos Group received The Queen’s Award for Enterprise in the Innovation category.
Vice President – Public Relations
Tokio Marine HCC