RCS - Broker Insights Ltd - Broker Insights' US expansion after £6m fundraise

Axa SAAnnouncement

20/12/2021 09:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211220:nRST0932Wa&default-theme=true

RNS Number : 0932W  Broker Insights Limited  20 December 2021

20 December 2021

 

 

Broker Insights Limited

 

("Broker Insights" or the "Company")

 

Insurtech company Broker Insights set for US expansion after £6m fundraise

 

 

Broker Insights - the high-growth company whose digital platform is
transforming the commercial insurance market - has raised more than £6m in a
Series A funding round led by Mercia Asset Management. Chroma Ventures, which
first backed Broker Insights with seed funding in 2018, made a follow-on
investment in this round, alongside a group of private UK and US investors.

 

The funding will enable further development on Broker Insights' platform and
accelerate its UK growth and launch in the US, in line with its plans to
become a global leader in its field. The company, which currently employs 35
staff at its headquarters in Dundee, expects to double its headcount in 2022,
with the majority of new jobs in Scotland.

 

Brokers Insights' platform - the first of its type for the commercial
insurance market - enables insurers to distribute their products more
efficiently to regional brokers through automation and collaboration tools. It
also provides real-time data to give them greater insight into companies'
insurance requirements.

 

Broker Insights was founded in 2018 by former Aviva senior executives Fraser
Edmond and Iain Crole. Its award-winning platform now connects leading
insurers such as AXA, RSA, Zurich, QBE, Travelers, Markel, and Hiscox with
over 160 brokers. In the past year the platform has doubled its gross written
premiums (GWP), the insurance industry yardstick, to more than £1 billion.
Last month, the company was named 'Technology Partner of the Year -
Commercial' at the Insurance Times Tech and Innovation Awards.

 

Fraser Edmond, chief executive of Broker Insights, said: "This investment is
an endorsement of our success in building our platform, technology and team.
Launched three years ago, we are now serving 12 per cent of the UK commercial
insurance market; we have established that our platform delivers results for
our customers and is attracting significant and growing demand from brokers
and insurers alike.

 

"We have the opportunity to become a mainstream digital marketplace for
insurers and brokers. We are removing significant friction and cost in
connecting brokers and insurers, and the potential market for this is here in
the UK and next in the US. We have traction, proven demand, and this funding
allows us to accelerate our growth."

 

Mercia has invested from its Northern Venture Capital Trust funds (VCTs).

 

Hugo Lough of Mercia, said: "The commercial insurance market has continued to
operate in a very traditional way, with client-facing teams travelling around
the UK to build relationships with brokers. By bringing them together online
to do business, Broker Insights offers the opportunity to remove friction and
cost, and improve the experience for all concerned.

 

"The business has grown impressively since launch and we are delighted to be
backing Fraser, Iain and the wider team for the next stage of growth. The
business has massive potential and we're excited to work with them to seize
the opportunity domestically and abroad."

 

Chroma Ventures is the investment arm of 4J Studios entrepreneurs Chris van
der Kuyl and Paddy Burns.

 

Chris van der Kuyl, principal of Chroma Ventures and chairman of Broker
Insights, said: "Broker Insights has created a unique marketplace for
commercial insurance, proven that it works and grown the business at pace.
This Series A round positions the company for expansion and we are creating a
global leader in the digital transformation of the commercial insurance
market.

 

"The company's performance and progress to date has been exceptional. This
growth capital raise now positions them for further growth in the UK and entry
into the US".

 

Deloitte Corporate Finance advised Broker Insights on the fundraising.

 

ENDS

 

Notes to editors:

 

Fraser Edmond and Chris van der Kuyl are available for interview by
request.

 

To arrange an interview or for any other additional information, please
contact David Gaffney (mailto:David.Gaffney@charlottestreetpartners.com)
 (07854 609998) or Tom Gillingham
(mailto:Tom.Gillingam@charlottestreetpartners.com)  (07741 659 021) at
Charlotte Street Partners.

 

 

About Broker Insights

Brokers Insights (https://brokerinsights.com)  was founded in 2018 by former
Aviva senior executives Fraser Edmond and Iain Crole.  Its leading data and
distribution platform delivers more effective and efficient insurer product
distribution to brokers through automation, collaboration tools, and real-time
data. The award-winning platform connects leading insurers AXA, RSA, Zurich,
QBE, Hiscox, Travelers, Markel and Ecclesiastical with over 160 brokers across
over 400 offices who hold over £1 billion of business policies across the
UK.

 

About Chroma Ventures

Chroma Ventures (https://www.chroma.ventures)  was created in 2021 by Paddy
Burns and Chris van der Kuyl CBE as a broad-spectrum investment arm. Based in
Scotland, but with an international outlook, Chroma Ventures backs companies
developing and deploying innovative technology and data-led businesses. Its
investment approach will reflect the principals' commitment to investing in
great people with great ideas and supporting their growth through long-term
collaboration. Chroma Ventures' expanding portfolio includes 4J Studios, Ace
Aquatec, ADV Holdings, Blippar, Broker Insights, Parsley Box, Puny Astronaut,
Stormcloud Games, Team 17, TVSquared, and the property development company
Chroma Developments.

 

About Mercia Asset Management PLC

Mercia (https://www.mercia.co.uk/)  is a proactive, specialist asset manager
focused on supporting regional SMEs to achieve their growth aspirations.
Mercia provides capital across its four asset classes of venture, private
equity, debt and proprietary capital: the Group's 'Complete Connected
Capital'. The Group initially nurtures businesses via its third-party funds
under management, then over time Mercia can provide further funding to the
most promising companies, by deploying direct investment follow-on capital
from its own balance sheet. The Group has a strong UK footprint through its
regional offices, 19 university partnerships and extensive personal networks,
providing it with access to high-quality deal flow. Mercia currently has
c.£948million of assets under management and, since its IPO in December
2014, has invested c.£116million gross into its direct investment
portfolio.

About Deloitte Corporate Finance

Deloitte's Advisory Corporate Finance team provides financial advice and
insight at every stage of a transaction, from consideration of strategic
options to transaction execution - including advising on fundraises,
acquisitions and divestments / disposals, and IPOs. The deal team advising on
this raise included Deloitte's FIG Corporate Finance team, a specialist
M&A team covering financial services and advising clients across the UK
and EMEA, and Deloitte's Scottish Corporate Finance team who focus on
transactions and supporting clients in the Scottish market.

 

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

Reach is a non-regulatory news service. By using this service an issuer is confirming that the information contained within this announcement is of a non-regulatory nature. Reach announcements are identified with an orange label and the word “Reach” in the source column of the News Explorer pages of London Stock Exchange’s website so that they are distinguished from the RNS UK regulatory service. Other vendors subscribing for Reach press releases may use a different method to distinguish Reach announcements from UK regulatory news.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAGPGCCPUPGGAM