One of the biggest brokers of motorcycle insurance in the UK has announced a joint venture with a law firm under the umbrella of an alternative business structure.
Carole Nash, which provides insurance for around 25% of all motorcycles in the country, will offer legal services in conjunction with Cardiff firm NewLaw.
The venture was given approval by the Solicitors Regulation Authority with conditions attached that no third-party claims work is outsourced or referred between Carole Nash Legal Services and existing companies in the group.
The SRA has also insisted that the branding and logo for Carole Nash Legal Services must be ‘sufficiently different’ from that of other entities in the group and can be easily identified as a separate business. Similar conditions were added to the AA’s ABS approval earlier this month.
Carole Nash selected NewLaw following a 12-month tender process, although the two organisations have previously worked together.
The joint venture will initially offer personal injury and uninsured loss recover advice but says it has longer-term plans to offer a broader range of legal services.
In a statement, Carole Nash said the creation of a dedicated legal services arm was spurred by particular issues its policyholders face. The majority of its accident claims are non-fault and many require recovery of uninsured losses and PI compensation.
The new LLP will be chaired by Carole Nash chief executive David Newman (pictured), with NewLaw chief executive Helen Molyneux taking on the role of CEO. Carole Nash financial director Clive Roberts and NewLaw director Philip Dicken also join the board of the new entity.
NewLaw, founded in 2004, employs more than 360 people at offices in Basingstoke, Bristol, Cardiff and Glasgow.
It already has a five-year tie-in with insurance firm Aegeas to provide services for customers making non-fault personal injury claims after a motor accident.