London, 20th December 2021: Humn, the insurance provider producing real-time data-driven fleet insurance based in London, announced today the acquisition of Walsingham MotorInsurance Limited (WMIL). As part of the acquisition, Garry Watson, currently CEO of WMIL, will become MD of the Humn UK Insurance business.
Walsingham Motor Insurance Limited prides itself on its approach to motor insurance, by focusing on delivering an underwriting profit through good risk selection and efficient claims management and not by relying on income from ancillary products or the selling of claims information. Acquiring WMIL will support Humn in its goal of accelerating its commercial scale, as well as expediting its hiring plan by bringing in the expertise of WMIL to further strengthen itsUnderwriting and Operations teams.
CEO of Humn, Mark Musson, said; “We got to know the team, and saw a unique opportunity to combine two industry-leaders and make a much stronger business. WMIL’s seasoned operators will add to our high performing insurance team, as well as exponentially accelerate our distribution network with brokers, relationships that traditionally take years to develop.”
CEO of WMIL, Garry Watson, said “We have been aware of the Humn capability and the great work they are doing for some time and coming together with them will further enhance the product offering we can provide through our trusted distribution partners. We are excited about the opportunities this brings.”
Using its technical superiority and underwriting advantages - proven to reduce accidents by 65%- Humn will look to introduce 15,000 vehicles from the WMIL fleet to its platform and insurance product, generating improvements in claims frequency, loss ratios and therefore profitability.Mark states “Because we know that we can deliver proven savings to the WMIL customer base, the deal was obvious and compelling to both sides.”
Over the past three years, Humn has built a unique, data-led platform that totally transforms the way commercial fleet insurance can be priced, and also puts tools in the hands of their customers to manage the exposure of the fleet on a daily basis, thereby bringing down the cost of insurance in real-time.
Previously working with WMIL in their early years, Humn delivered risk management and pricing services to a fleet of 2500 vehicles while acting as a broker for the WMIL fleet insurance product.