Insurer Clements Europe has acquired the International Vehicle Risk Management (IVRM) business from broker Lockton.
The IVRM business consists of overseas diplomats and International fleet business, complementing Clements Europe’s core business. Clements International sells insurance for expatriates and international organisations.
Financial terms of the acquisition were not disclosed.
Dan Francis, director of Clements Europe, said the move is part of his firm’s growth strategy. “We will continue to organically grow our current European business, as well as actively pursue further acquisitions,” Francis said.
“This deal marks a significant step in the company’s strategic global expansion into key international markets,” added Francis.
IVRM policyholders’ existing coverage will not be affected and will continue to be offered through Clements Europe.
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