Manchester-based Principal Insurance Limited has bought Peart Performance Marque Limited’s book of business following its entry into administration on 30th October this year. Peart was established in 1984 and the sale of the high-risk vehicle and home insurance broker’s portfolio was arranged by joint administrators Dean Watson and Paul Stanley of Begbies Traynor.

Principal was founded in 2011 and has a focus on providing policies for motorhomes, classic cars, motorbikes, high performance and sports cars, specialist vehicle and convicted drivers. It will now take on Peart’s 2,400 policies and manage them going forward.

Dave Bowcock, managing director at Principal Insurance Limited, said: “Following discussions with the administrators at Begbies Traynor, we took action to protect the interests of the policyholders impacted by Peart’s administration.

“This pre-packaged deal meant we could quickly ensure continuity of cover and bring these customers the support of a specialist broker experienced in these specialist insurance markets.”

Dean Watson, partner at Begbies Traynor, added: “Whilst we were able to find a well-placed buyer within a small market, unfortunately, it was not possible to protect the jobs of those at Peart. We are now taking steps to recover Peart’s remaining assets to maximise the outcome for creditors and helping the affected employees in making claims.”