Cinven, an international private equity firm, has acquired a 50% stake in Policy Expert, a managing general agent (MGA) specialising in home and motor insurance in the United Kingdom.
Cinven’s Strategic Financials Fund secured the stake from a subsidiary fully owned by the Abu Dhabi Investment Authority (ADIA). Financial details of the transaction were not disclosed, and the deal remains subject to regulatory approval and other customary conditions.
Policy Expert currently serves over 1.5 million customers across its offices in London, Milton Keynes, Tonbridge, and Motherwell.
In its news release, Cinven highlighted the company’s market presence, its MGA business model, and a track record of organic growth and profitability as key reasons for the acquisition.
According to Luigi Sbrozzi, partner and head of the strategic financials fund at Cinven, Policy Expert is one of the fastest-growing home insurance providers in the UK.
“We have been highly impressed by the company’s achievements to date with the business expanding significantly over the past few years. Cinven has extensive experience investing in the insurance sector and we look forward to leveraging this knowledge to support the management team to deliver continued growth across its product base,” Sbrozzi said.
Sbrozzi also acknowledged that Policy Expert has expanded significantly in recent years.
Read More: Policy Expert outlines expansion plans
Steve Hardy (pictured above), executive chair of Policy Expert, noted that the deal gives the company two supportive shareholders in ADIA and Cinven.
“Every new policy sale or renewal adds to our belief that customers are seeking clear, consistent and dependable products and support from the general insurance market,” Hardy said.
He pointed to the company’s data-driven approach and customer-centric culture.
Founded in 2010, Policy Expert issued its first policy the following year. The company’s operations are supported by a proprietary technology platform, a data science-led approach to pricing and risk management, and in-house claims handling capabilities.
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