06 Sep 2005

Capita Insurance Services, part of The Capita Group Plc (Capita), announced today that it has completed the acquisition of BDML Connect Ltd from the insurance group BDML, following the FSA’s regulatory approval being granted.

Capita Insurance Services has acquired BDML Connect for an initial cash consideration of £26 million and deferred consideration of up to £9 million, dependent on future business performance over the 30 months to 31 December 2007. The consideration will be satisfied from existing resources. Included in the acquisition is Thornside, a business division within BDML Connect, as well as BDML Insurance Solutions, a newly formed subsidiary company of BDML Connect.

Dermot Joyce, Executive Director, Capita Insurance Services, said: “The acquisition of these operations adds significantly to Capita’s current insurance capabilities and enhances Capita’s proposition to the affinity market. It will also enable Capita to provide distribution opportunities for underwriters via the BDML panel.”