Scottish entrepreneur leads sale of insurance specialist to global business

0 Alf Gordon is chief executive of the Qdos Group A Scots entrepreneur who was named Aberdeen entrepreneur of the year in 2012 has led the sale of a specialist UK insurance business to global player Tokio Marine HCC.

Alf Gordon is chief executive of Qdos Group, which among other services provides business and tax insurance for a number of energy and oil and gas contractors in the Aberdeen area, as well as elsewhere across the UK.

Tokio Marine HCC said yesterday that its wholly-owned subsidiary, HCC International Insurance Company, had signed an agreement with Qdos Holdings and other selling shareholders to acquire Qdos Contractor for an undisclosed sum.

Qdos Contractor is the only business included in the deal out of the eight companies that make up the wider Qdos Group. The remaining units will continue to operate independentlythroughthecurrent owners.

Gordon said: “This deal marks the start of an exciting new chapter for Qdos Contractor, after what has been a very successful period for the company. Following the restructuring of the group, we focused on driving growth through innovation and technology. With Tokio Marine HCC now at the helm, we are confident Qdos Contractor will build on its recent success.”

Leicester-based Qdos Contractor provides insurance products and services to the growing UK independent contractor and freelancer market via a digital delivery platform. The closing of the transaction is subject to regulatory approvalsintheukandjapan, and is expected to occur by the fourth quarter of 2018.

Qdos Group chair Stephen Greenwell said: “This acquisition shows that Tokio Marine HCC has great confidence in the sustainable growth potential of this specialist sector of the UK insurance market.”