Hughes Insurance being bought by GB firm

Hughes Insurance is being taken over by the Kent-based Markerstudy group whose brands include Budget Insurance and Swinton.

Hughes, which was established in Newtownards in 1977, has been owned by the US firm Liberty Mutual since 2014.

Last year, Liberty sold the majority of its European personal insurance business but Hughes was not part of that deal.

Kevin Spencer, Markerstudy chief executive, said the company had already been worked closely with Hughes on numerous initiatives.

"We’re committed to the Northern Ireland market and are looking forward to welcoming their team and supporting their aspirations to deliver growth and innovation to enhance their customer offering," he added.

Hughes has around 85,000 customers across the motor, home, van, travel and commercial insurance sectors.

It has around 250 employees who have been working from home since the pandemic.

The company’s headquarters building in Newtownards was put up for sale earlier this year.

Bernie McHugh-Sonner, Hughes Insurance acting chief executive, said the takeover would strengthen the firm’s capabilities and "enhance our ability to provide innovative, competitive and comprehensive insurance solutions".