Motor insurance specialist Right Choice Insurance Brokers, based in Essex, appears to be going from strength to strength.
Having reported £26 million in turnover in the latest financial year, despite only starting life back in 2008 when it was launched by CEO Mike Joseph, the broker, which employs more than 350 people, has now picked up a £28 million investment from LDC, the mid-market private equity investor.
In a statement announcing the deal, LDC highlighted that Right Choice has “great insurer relationships” and that its business offers “unique proprietary software alongside human interaction.”
“Mike is a great example of the type of ambitious entrepreneur with a proven track-record for growth that we love to back,” said Yann Souillard, head of LDC in London and the South. “Having developed Right Choice from just a concept, Mike and his team have created a major disruptor in the insurance space and we look forward to working together to execute a growth plan, which will strengthen the business’s position as a market leader in its field.”
Right Choice is said to now be planning investments to develop its software and technology platform and to accelerate growth.
“We have grown organically from day one, and over the last 10 years have achieved significant scale as a result of our unique business model and technology platform,” said Joseph.
“We’re now at the stage where investment is paramount to enable us to push on to the next phase of our growth plans. Having held a longstanding relationship with LDC, partnering with them was a natural fit and we are excited to move forward with our shared ambition.”
