Private equity investor LDC has invested in the Insurtech business Uinsure.
Founded in 2007, Uinsure is a cloud-based tech platform “that connects financial intermediaries and lenders with a panel of the UK’s insurers, enabling its customers to arrange cover through a frictionless platform that has removed the complexities from insurance.”
Uinsure reports that it has achieved 27% compound annual revenue growth “over the last ten 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.”
Uinsure has invested heavily in its technology capability in recent years, “including in new API integrations, improvements to its customer experience and in the development of its new pricing engine, enabling it to offer disruptive and award-winning digital-first insurance solutions.”
The Manchester-based business has reportedly “doubled the size of its team dedicated to technology over the last two years, while it has won twelve prestigious industry awards during that time for its UinsureCX product, which tracks an individual’s mortgage progress and triggers communications at the most relevant moments of the mortgage cycle.”
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 Managing Director, James Fawcett as Chief Financial Officer, and Dan Wright as Non-Executive Chair.”
As part of the transaction, Peter Thompson, industry expert and former CEO of BGL Insurance has joined Uinsure 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. Dale and Aziz will join the board.”
Simon Taylor, CEO of Uinsure, said:
“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. 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. ”
Since 2012, LDC states that it has invested “over £650m into more than 35 technology businesses.