| Type | Public |
|---|---|
| Industry | Finance and insurance |
| Founded | 1992 |
| Headquarters | Peterborough, United Kingdom |
| Products | Financial services |
| Employees | 1450[1] |
| Website | www.budgetinsurance.com |
The Budget Group of Companies began operating in the UK as an underwriter in 1992. The Group changed its name to the BGL Group in July 2007. A strategic change in 1997 to intermediary status, marketing policies underwritten by a panel of insurers, triggered the growth of the BGL Group. Through a combination of organic growth and a number of major strategic acquisitions, which included Arnott Century (1999), Dial Direct and Bennetts (2001), the Group increased in size by a substantial amount.
A major contributor to this growth was the launch of its affinity business, Junction, in 2002. With an increasing number of high profile partners, such as Post Office, M&S Money, Bradford & Bingley, and Yes Insurance, Junction’s policies under management has grown to over half a million.
A memorable PR and marketing campaign for Bennetts was launched in 2003, helping to establish the bike insurer as a leading brand in the UK market. A similar approach is being used, in 2006 for Budget & Dial’s Commercial Vehicle business.
In 2003, Budget launched its own uninsured loss recovery business, ACM ULR. In its first year of trading it captured 80,000 incidents and is available to all of Budget’s and its partners’ policyholders.
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Personal lines - motor, motorcycle, home and commercial vehicle insurance alongside a wide range of supplementary products, which include breakdown cover, legal protection, travel insurance and mortgage payment protection insurance. Comparethemarket.com was also set up as a complimentary service in 2005 to allow potential customers to search for a range of quotes for all insurance types online.
BISL Limited - trading under the names of Budget, Dial Direct, Bennetts, Junction, Fusion* and Comparethemarket.com.
* No connection with the UK commercial insurer of the same name, established in 2001.
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