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Financial Services

Channelling creativity into an ambitious growth strategy

By Dunedin,  October 14,2019

Kingsbridge is a market-leading, FCA-regulated specialist insurance intermediary with two divisions: Kingsbridge Contractor Insurance and Kingsbridge Insurance Brokers.

SECTOR
Financial Services

DEAL SIZE
N/D

Overview

Seeing great potential for growth, we are working closely with the Kingsbridge founder to help develop strategy, enhance the management team and improve operational efficiency. Since our initial investment Kingsbridge has acquired Larsen Howie, a specialist online provider of insurance and IR35 and tax related services; and InsurTech pioneer Dinghy. Dinghy launched the first ever on-demand Professional Indemnity (PI) insurance cover, aimed at freelance professionals in the media and creative industries. As well as PI cover, Dinghy also offers equipment cover, public liability, legal expenses and cyber liability - managed through a website that delivers a step-change improvement in how these insurance products are bought and serviced. These acquisitions are allowing Kingsbridge to broaden its distribution channels and product offering. Dinghy also gives the business a foothold in the growing InsurTech space, cementing Kingsbridge’s position as a leader in the insurance services sector.

The opportunity

Kingsbridge is an ambitious, creative financial services firm with an enthusiasm for growth. We wanted to work with this enthusiasm and ambition, to help build the value of the business and set its future direction.

To prepare for expansion, we invested in the management team, arranging high-level appointments, including the new Chairman, Ian Owen, and Chief Executive, James Twining. Ian is a highly accomplished private-equity chairman, with extensive experience of running UK and international insurance companies. James is an ex-McKinsey consultant who has held senior roles at JLT. We also helped recruit CFO, Andy Stevens, who previously held senior roles within RAC and is an experienced private-equity Finance Director.

Our support also included growing Kingsbridge’s partner referral network, and we invested in a new IT system, to help the firm’s operations keep pace with its increasing size.

Working together

Open, regular dialogue has cemented a very close working relationship between Dunedin and the Kingsbridge team – and fostered a mutual understanding that supports our strategic involvement. As James Twining, Kingsbridge’s Chief Executive, says, “Dunedin has worked with us on our succession planning to ensure we have the right team in place for the next stage of growth. We are also using their knowledge and experience to help us create and prioritise the strategy to underpin that growth, capitalising on the opportunities we are creating.”

Looking ahead

The market opportunity for contractor insurance remains significant. Kingsbridge is already the leading provider of insurance packages to the UK contractor industry, servicing the needs of almost 50,000 customers. With contractors becoming an increasingly prevalent component of the UK workforce, Kingsbridge can look forward to long-term growth in demand for its services. And as insurance becomes more of a standard requirement for both contractors and corporates, Kingsbridge’s growth prospects look even more robust – especially as the firm begins to cover new occupations and introduces new products tailored to the contractor market.

“We chose Dunedin as our investment partner, as we felt they would challenge us on strategy, while allowing us to maintain our entrepreneurial spirit. We have a clear vision for Kingsbridge and are confident that, with Dunedin’s support, we can build on our market-leading position.”
Steve Wynne, Founder and Deputy Chairman, Kingsbridge

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