TFP Schemes the specialist hire car insurance wholesaler has announced it is to purchase the wholesale arm of Bridgend based brokers M Wood Insurance Services.

The purchase on the 1st March is part of the companies exciting expansion programme and comes on the back of a period of excellent organic growth. Founded in 1998, the company last year celebrated its tenth anniversary with a record year which saw its turnover grow by over 45%.

The company was recently awarded the prestigious title of “Wholesale Intermediary of the Year” at the UK broker awards and has seen its product range grow from the full range of hire vehicles from taxis and chauffeur cars to now also include other niche motor products such as plant, machinery and agricultural vehicles.

All existing business of the M Wood Insurance Services wholesale arm is to be transferred to the TFP Schemes offices in Cathedral Road, Cardiff and will be administered by TFP Schemes going forward.  In order to ensure the very highest levels of service, the business will be administered by the highly acclaimed “TFP Solo” client management and quotation system which allows new business, policy adjustments and renewals all to be undertaken online. It is this investment in technology that has seen TFP Schemes transact volume business efficiently and cost effectively allowing the organisation to substantially grow their business in a very competitive market.

Damian Walsh, Managing Partner at TFP Schemes states “after many years of successful organic growth we are now seeing exciting new opportunities for further expansion through the acquisition of businesses with a proven track record. As an established scheme insurance provider we are able to service and source a wide product range at a competitive cost and hence we are now being presented with a variety of different business proposals. Growth by acquisition now looks an attractive proposition and we are currently in negotiations with other parties.”