A new insurance broking group has formed, bringing together thriving UK broker businesses including Right Choice Insurance Brokers, Bennetts and Moorhouse.
Lucida has formed through acquisition and organic growth, borne out of the success of RightChoice Insurance Brokers. Following LDC investment in the growing group in 2018, the portfolio has rapidly expanded.
Today, as Lucida, the group has a clear strategy to drive ongoing growth and success by supporting its specialist businesses to grow in their respective niches; plus seeking out further potential brands to join the family.
Mike Joseph, Lucida Group CEO, said:
“Lucida is a rapidly growing group of best-in-class specialist insurance broking businesses. Our purpose is to support flourishing insurance broking businesses with a clear focus on data and technology. We give each business additional support to grow, the backing to innovate and the focus to specialise.
“As a group we are building strong partnerships with insurers. Through close collaboration we will meet loss ratio targets and drive mutual benefits. A key focus within our approach is customer insight, led by data capture and analysis. Whether it’s validation of non-standard motor insurance through Right Choice InsuranceBrokers; the use of Bike Social to engage and excite Bennetts’ riders; or Moorhouse cross-selling commercial insurance products to SMEs… our businesses know their customers.”
Ian Owen, Lucida’s Chairman, said:
“Lucida is the name for the brightest star in a constellation; it fits us perfectly. We believe that each business should shine independently, but that they gain strength as part of a bigger picture.
“This is a people-focused group. Our colleagues and their expertise are our biggest strength. We are building a tight-knit family of specialists - not a US/UK corporate entity. Most of our leaders have built their own businesses and we want them to continue driving their success. Our aim is for brokers who join us to recognise and realise the exceptional benefits they gain from being a part of the Lucida group.”
Current insurance specialisms within Lucida include private car, motorcycle, commercial, breakdown and third-party administration services. Insurance products are distributed under the following Lucida group brands: