Kingsbridge has today completed the acquisition of InsurTech pioneer, Dinghy.
This is the second acquisition that Kingsbridge has made in 12 months as it continues its growth strategy, following investment from UK private equity house Dunedin in 2016. Kingsbridge completed the acquisition of Larsen Howie last year, a specialist online provider of insurance and IR35 and tax related services.
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.
Kingsbridge is already the leading provider of insurance packages to the UK contractor industry, servicing the needs of almost 50,000 customers. It is also one of the leading providers of specialist broking services to large corporates in the utility, recruitment and other industries. Revenue growth over the past three years has averaged in excess of 25% and the company employs 85 people.
Oliver Bevan, Partner of Dunedin who sits on the Board of Kingsbridge commented: “Dunedin has been working alongside the management team to drive the growth of the business over the last few years. The acquisitions of Dinghy and Larsen Howie further accelerate Kingsbridge’s strategy of broadening its distribution, products and geographic reach to take advantage of the long-term shift in workforce patterns, towards more flexible and part-time working. It also gives the business a foothold in the growing InsurTech space, cementing Kingsbridge’s position as a leader in the insurance services sector.”
James Twining, Kingsbridge Group Chief Executive said: “The acquisition of Dinghy further broadens our ability to reach into an even wider segment of the important creative and ‘gig’ markets where freelancers demand a different approach to insurance and an improved user experience. We are delighted to welcome the Dinghy team into the Kingsbridge family and are very excited to deliver the next phase of growth that they and the Dinghy platform will deliver for us both in the UK and internationally.”