Newry-based Autoline to join Prestige Insurance Group

The deal, for an undisclosed sum, was announced on Wednesday and follows a major investment earlier this year by US-based investor, Capital Z.

Autoline was established in Newry in 1975 and was acquired by Michael Blaney in 1997.

The business provides a wide range of personal lines, business and commercial insurance and the award-winning Chilli Drive young driver app.

Prestige Insurance Holdings was established in Newtownabbey in 1973 and provides a wide range of insurance services including broking, underwriting, insurance software and claims management.

The deal, which is subject to final approval by regulatory authorities, would see Prestige Insurance Holdings acquiring the full shareholding of Autoline’s parent company, with the expanded Group employing a total of over 700 employees.

“Following the investment brought by our new majority owners, Capital Z, we have openly stated that we have ambitious plans for growth of the Group,” said Prestige CEO Trevor Shaw.

“Very much like our own business, Autoline has a customer-centred approach and a strong reputation, which makes it an excellent fit and an obvious choice for acquisition,” he added.

“As a newly combined management team we will utilise the knowledge and experience of both businesses for the benefit of our customers and for maximum growth in Northern Ireland and beyond.

“Both businesses have a successful track record and we will be firmly focused on ensuring business as usual for all customers and staff.”

Autoline managing director Michael Blaney said: “We believe this is the right and best approach to building on the value we have created in recent years for our customers and employees at Autoline.

“I am confident this will deliver enhanced opportunities and benefits for both customers and staff going forward.”