CETA Insurance Limited now has new owners backed by a private equity partner.
The Oxfordshire-based technology-enabled insurance broking business has been acquired by its senior management and non-executive directors, with the support of Kester Capital. Retiring from the business are existing shareholders David Quick, Adrian Waters, and Sandie Schofield.
Here are the new appointments following the sale:
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Chairman - Andrew Blowers, founder and former chief executive of SwiftCover
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Chief executive - John Bibby
- Chief operating officer - James Thomson
- Chief financial officer - Andy Elston
Meanwhile, James O’Hara and Luke Sims-Wilson will keep their senior management roles, and Paul Yates will remain as non-executive director.
“Having worked with the business as a non-executive director for the past two years, I am convinced that the business is extremely well placed to capitalise upon the developing requirements of today’s insurance buyer,” noted Blowers.
According to the announcement, Kester Capital’s backing will enable CETA to further leverage its in-house insurance distribution platform. In the UK, the business has more than 1,500 IFA/Mortgage broker members.
Kester Capital partner Cameron Crockett said they were “very impressed” by CETA’s ability to respond quickly to changing customer requirements in terms of connectivity, product, service, and process. “The in-house IT platform is truly agile and provides a great opportunity for growth,” he commented.
“David and the team have created a strong business that we will manage very carefully to ensure that we build upon the legacy,” stated CETA’s new chief executive Bibby. “We will be focussed on growing the business by leveraging the industry-leading IT platform both organically and through selective acquisitions that fit within the operating footprint.”
For outgoing managing director Quick, the “very profitable” business he, Waters, and Schofield built over the last 24 years is being passed on to a team he described as “excellent”. Quick believes CETA, which employs more than 120 people, will be brought to “even greater heights”.
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