Anexo Group aigns major claims contract with MCE Insurance

Anexo Group plc (LON:ANX), the specialist integrated credit hire and legal services provider, has today announced that it has signed a major agreement with UK-based broker MCE Insurance to offer post-accident claims services to all MCE’s non-fault insurance customers. This follows motor insurer Sabre Insurance Group plc signing an agreement with MCE which will see it become the exclusive underwriter of MCE’s motorcycle policies.

UK-based MCE is independently owned and since its foundation in 1975 has grown to become one of the UK’s largest providers of motorcycle insurance. Under the terms of the agreement, Anexo will assume responsibility for dealing with claims from customers of MCE who are victims of non-fault accidents. Replacement motorcycles will be provided through Anexo’s credit hire division, DAMS, and customers will be supported in their legal claims against the at-fault insurer by its legal services division, Bond Turner. Where appropriate, claims will include personal injury and damage to possessions and equipment as well as vehicle repair or replacement. Statistics show that motorcyclists are particularly vulnerable to personal injury as a result of non-fault accidents.

Anexo expects the agreement to lead to a significant increase in both the number of vehicles on the road and the number of cases being handled by Bond Turner. The agreement, which is for an initial three-year period, is expected to have a materially positive impact on revenues and to enhance earnings from FY 2022.

Alan Sellers, Executive Chairman of Anexo Group, said:

“We are delighted to sign this significant agreement with MCE Insurance. We have a long track record of providing replacement vehicles and claims support to the motorcycle community and our motorcycle numbers have been growing, particularly due to the increasing volume of couriers on the road during the COVID pandemic. The agreement provides a substantial source of new business in addition to the introductions we currently receive from our network of over 1100 introducer garages. It represents a major contribution to our growth strategy as we work to expand our business and create value for all our shareholders.”

Julian Edwards, Chief Executive Officer of MCE Insurance, said:

“Our customer service is our biggest priority at MCE. Partnering with Anexo gives us access to seamless claims management, replacement vehicles and legal services for our customers. This deal means we can focus our efforts on growing the broker business, knowing we have scalable, first class claims handling service from a group of leading companies.”

Director Appointment

The Group is pleased to announce, with immediate effect, the appointment of Brian Corrway, to the Board as a Non-Executive Director.

Mr Corrway, a Chartered Certified Accountant, was nominated by DBAY Advisors Limited (‘DBAY’) and is being appointed under the terms of the shareholder agreement originally announced on 12 November 2020 which gives DBAY the right to appoint up to three Non-Executive Directors to the Board.         

Mr Corrway does not hold a position of employment, or shareholding, in DBAY.

The following additional information is provided in accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies:

Full Name: Brian Corrway

Age: 50

Brian Corrway does not hold any Ordinary Shares in the Company.