The private equity investors have previously invested in Bollington Wilson
Bollington Wilson-backers Inflexion Private Equity has taken a minority investment in Granite Underwriting.
The investment in the specialist motor underwriter is being made by Partnership Capital Fund I, Inflexion’s dedicated minority investing fund.
Following Inflexion’s investment, the business will continue to be run by the existing management team led by founding shareholders Alan Keating and Martin Gowing.
Keating, managing director and co-founder of Granite, said: “I am delighted to have found a partner with relevant industry expertise, as well as a strong understanding of how digital enhancement can help improve our business.
“These traits combined with their experience as a minority investor made them the right backer for us as we look to increase our market share further.”
Established in 1982, Liverpool-based Granite comprises a number of brands including, Acorn Insurance, which distribute specialist motor insurance, catering to drivers of private hire taxis, black taxis, Uber and other large operators in the sector as well as specialist cover for private car and light commercial vehicles.
Its services are marketed through retail branches, price comparison websites, brokers, its own website and a call centre.
Granite underwrote over £220m in 2017 and claims to have a 25% share of the UK taxi insurance market.
Simon Turner, managing partner of Inflexion, added: “The management of Granite stand out as talented and ambitious in an industry we know well.
“Their unique and differentiated business has proven adept at catering to specialist segments within the insurance space to deliver market leading products and we look forward to helping them innovate and grow further.”
This investment was made by affiliated funds advised by Inflexion Private Equity Partners LLP.
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