Founded in 2004 by Chris McCann, a scion of the Fyffes business dynasty, XS Direct specialises in selling motor insurance in the Irish and British markets. The company operates as an agent and broker, and has built up its market share through a combination of organic growth and acquisition. However, like many insurers, the Dublin-headquartered business has endured a painful number of years. Having seen its customer base fall after hiking prices, it was faced with a major decision: Inject more capital or take the decision to stop taking new policies and write down its existing policies in an orderly…

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