City and Commercial Insurance Group Acquires Reddbox Insurance Business and Property Management App, Expanding Footprint in the Property Market
On February 1st, 2023, City and Commercial Insurance Group announced its acquisition of Reddbox’s insurance business and property management app. The acquisition is a significant strategic move for City and Commercial Insurance Group, as it expands its operations and strengthens its position in the insurance industry while also adding a valuable new platform for property management.
City and Commercial Insurance Group has been providing insurance capacity to Rightmove since the start of the COVID-19 pandemic, and the project has been successful in providing enhanced coverage to property owners. With the acquisition of Reddbox, City and Commercial Insurance Group is poised to further expand its footprint in the property market.
Under the leadership of C&C Insurance Group CEO Niraz Buhari the Group has raised significant capital and expanded its business to 3 new countries in addition to several acquisitions the business has made in the UK and worldwide. Niraz has confirmed that the Group is planning on additional expansion with in the UK and North African market and the announcement will be made in the coming months.
Reddbox is an insurtech company that provides an app-based property management platform for small and mid-sized landlords. The platform streamlines the process of managing properties, from finding tenants to collecting rent and handling maintenance requests. With the acquisition, City and Commercial Insurance Group gains access to Reddbox’s customer base and technology, which will enable it to offer an even better range of insurance products and services to property owners.
As part of the acquisition, Reddbox’s outgoing CEO, Moy Karmakar will take on an additional role as CTO as global leader in insurance broking and risk management. In this role he will leverage his extensive experience in the insurtech industry to help drive C&C digital transformation efforts.
City and Commercial Insurance Group has taken over Reddbox’s insurance business operations, including its policies, customers, and employees, as well as its property management app. Reddbox’s existing customers can rest assured that their policies will continue without interruption, and they will have access to City and Commercial Insurance Group’s broader range of insurance products and services.
The acquisition has been completed with regulatory approvals already secured. Both companies worked closely together to ensure a smooth transition for employees, customers, and other stakeholders. Group has not confirmed any plans to merge the business with its well-established UK home and warranty provider Smart Cover. The sources said the likely hood of a merger is less likely as the board wants to keep the brands unique in its own segments.
This acquisition is a significant milestone for City and Commercial Insurance Group, and it represents a significant step forward in the company’s growth strategy. By expanding its operations and strengthening its position in the insurance industry while also adding a valuable new platform for property management, City and Commercial Insurance Group is well-positioned to deliver even more value to its customers and continue its track record of success in the years ahead.