Private equity investor LDC has invested in InsurTech 50 company Uinsure to support its ambitious growth strategy.
Founded in 2007, Uinsure is a cloud-based technology platform that connects financial intermediaries and lenders with a panel of the UK’s leading insurers, enabling its customers to arrange cover through a frictionless platform that has removed the complexities from insurance.
The Manchester-based business has achieved 27% compound annual revenue growth over the last 10 years and LDC’s investment and strategic support will increase its market share further, while developing new markets, as well as growing its network of partnerships with intermediaries, major building societies, and banks.
LDC is backing the existing management team led by founder and CEO Simon Taylor, who is also the former founder and CEO of Bankhall. Martin Schultheiss will continue as group MD, James Fawcett as CFO and Dan Wright as non-executive chair.
As part of the transaction, Peter Thompson, industry expert and former CEO of BGL Insurance, has joined as a non-executive director.
The investment was led by LDC North West partner Aziz Ul-Haq and partner and head of North West Dale Alderson, alongside investment director Grant Goodwin and investment manager Camilla Greenwood. Alderson and Ul-Haq will join the board.
“Right from the very first meeting, LDC has been aligned with our vision to remove the complexity of insurance for our partners and their customers,” said Taylor. “When we started looking for an investor to support us through our next phase of growth, finding the right partner who shares our culture was extremely important to us.
“The team at LDC will be working closely to strategically support us with our long term goals, as we explore new markets and grow our network of partnerships.”
Ul-Haq added: “Uinsure’s recent large-scale investment in its technology means it is perfectly placed to serve its target market by offering a digital-first solution with a competitive edge.
“It has a highly experienced and incredibly ambitious management team whose offering has disrupted the industry and revolutionised the market. We’re looking forward to working with them to help it grow further.”