What's Happening?
Hagerty International has acquired the renewal rights of Gilbart-Smith Associates, a specialist classic car insurer. This acquisition is part of Hagerty's strategy to expand its client base and enhance service offerings. Bertie and Emma-Jane Gilbart-Smith will continue as consultants for Hagerty over the next year. The decision to sell was influenced by increasing regulatory requirements and consumer duty, which have made it challenging for smaller firms to operate independently.
Why It's Important?
This acquisition reflects the growing trend of consolidation in the insurance industry, driven by regulatory pressures and the need for scale. For Hagerty, acquiring Gilbart-Smith's client base strengthens its market position and allows it to offer more comprehensive services. This move also highlights the challenges faced by smaller firms in navigating complex regulatory environments, which can lead to strategic partnerships or acquisitions.
