Residentsline, the Wolverhampton based specialist provider of insurance solutions for blocks of flats and apartments, is poised for further growth in the UK following its acquisition by CHU, Australia’s largest strata insurance underwriting agency.
Corporate law firm Hawkins Hatton, whose head office is in Dudley, advised the directors of Residentsline on the share sale of the business.
Residentsline clients include residents management companies of blocks of flats, property management agents, right to manage companies and freehold owners who require an exclusive range of insurance products specifically designed for their needs.
Belinda Thorpe, and Neil Abel the former shareholders, will remain in the business working alongside the new owners at CHU.
She said: “With additional investment we will be introducing new products and services to the UK market place as well as opening a new office in London. We will continue to offer innovative insurance solutions for the UK flats market, based on our combined understanding of the leasehold industry.”
Since its formation in Australia 30 years ago, CHU has consistently led the market by providing unrivalled knowledge and experience. In 1989 the firm started operations in the United States where it now writes over 15,000 polices across 35 states and more recently it set up an operation in the United Arab Emirates.
Commenting on the acquisition, a CHU spokesman said: “The deal with Residentsline marks our arrival in the UK and will enable us to provide customers with a unique point of difference based on our understanding of the unique complexities, risks and requirements of this market.”
Colin Rodrigues, corporate partner at Hawkins Hatton, worked alongside solicitor Dawn Sebbage and accountants Garretts, advising Residentsline directors throughout every stage of the sale process. “The due diligence process was new to us, but Hawkins Hatton were always on hand to guide us and ensure we understood each stage of the process,” added Belinda Thorpe.
Issued on behalf of Hawkins Hatton. For further information contact Anne Dann at Fleet Street Consulting, tel: 0121 262 3900