Acorn Group expands insurance broker portfolio with acquisition of MyPolicy
Acorn Group, a leading name in non-standard insurance, has acquired Halesowen-based MyPolicy, a telematics broker specialising in policies for young and low-mileage drivers. While the financial details of the transaction have not been disclosed, the move marks a significant step in Acorn’s growth strategy.
MyPolicy, which manages 7,000 live policies and employs over 50 staff, will continue to operate under its established brand. Its management team and workforce will also remain in place, now benefiting from the broader resources and expertise available under the Acorn Group umbrella.
With over ten years of experience in telematics, MyPolicy will bring valuable knowledge and proprietary systems to enhance Acorn’s existing offerings. Meanwhile, Acorn’s backing – including access to Haven Insurance and advanced technological platforms – is expected to fuel MyPolicy’s future growth.
Acorn Group operates through a suite of brands, including Acorn Insurance, Carrot, and Granite Underwriting, supporting a network of 200 brokers. The Merseyside-based firm serves 500,000 policyholders across car, van, taxi, and household insurance, employing over 1,400 staff across Formby, Liverpool, and London.
The acquisition consolidates Acorn’s position as a key player in the UK’s non-standard insurance market while expanding its footprint in the growing telematics sector.
Kyle Tyrrell, Acorn Group Chief Financial Officer, said: “MyPolicy are one the of UK’s leading telematics brokers specialising in young drivers and low mileage drivers. Its sustained focus on this market has enabled the business to develop significant expertise, innovations and loyal customer base that will strengthen Acorn Group’s position in telematics insurance.”
Mike Lloyd, Acorn Group Chief Executive Officer, added: “As one of the UK’s leading non-standard insurance groups, we have been investing significantly over the past several years in telematics products for our customers. In 2021, we acquired Carrot, a telematics broker, which has enabled us to make significant strides in the telematics market. The acquisition of MyPolicy will provide us with additional capabilities to further advance our customer offering and support our growth and position in this market.”
Patrick Quinn, MyPolicy Founder, said: “After 15 years of innovation and expertise in telematics, MyPolicy has built cutting edge intellectual property and credentials in this rapidly growing market. This acquisition marks an exciting new chapter in the business’ expansion, combining our proven technology and expertise with a market-leading insurer at the forefront of driver telematics. Together, we gain instant scale, enhanced capacity and are well positioned for future growth."
