’His expertise in insurance investment and rich history sees him bring a lifetime’s worth of experience to support us to shape the growth of our business,’ says managing director
Minority Broker Partnerships (MBP), backed by insurance veteran Peter Cullum, has invested in drone specialist MGA Moonrock Insurance for an undisclosed sum.
The series A investment will be used to enhance Moonrock’s underwriting capabilities, launch new specialist insurance products and expand coverage available for emerging aerial technologies.
The funding will also support the development of proprietary platforms, increased staffing and automation tools to streamline internal operations.
Simon Ritterband, managing director and founder of Moonrock, said: “We’re thrilled to have developed this partnership with MBP and I am delighted to be working with Cullum, who needs little introduction.
“His expertise in insurance investment and rich history sees him bring a lifetime’s worth of experience to support us to shape the growth of our business and keep pace with the exponential growth of the global drone and eVTOL market.”
’Strong belief’
Cullum founded Towergate and is also the former Global Risk Partners – now Brown and Brown Europe – chairman.
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His firm said that the investment reflects ”strong investor belief in Moonrock’s ability to scale responsibly and profitably in one of the fastest-growing segments of aviation”.
Ritterband said: “Cullum and his team have a very strong track record of scaling business successfully and offer a deep understanding of capacity providers and distribution channels. We’re excited about tapping into their vast knowledge and experience to further grow Moonrock as we consolidate our position as the drone insurance provider of choice for the industry.
“This investment marks a pivotal moment in Moonrock’s journey, fuelling bold growth, deeper innovation and a mission to redefine aerial insurance for the next generation of flight.”
James McCaffrey chief executive at MBP, said: “Cullum and I are delighted that MBP is investing in Ritterband’s experienced and innovative Moonrock team.
”The drone market is rapidly growing and we look forward to working closely with Ritterband to help him deliver his ambitious growth plans for Moonrock.”
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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