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Specialist motor insurance MGA Granite Underwriting has secured a minority investment from Inflexion Private Equity, an independent mid-market private equity house based in London.
Liverpool-based Granite was established in 1982 and comprises of a number of specialist motor insurance brands, 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.
The firm markets its services through retail branches, brokers, price comparison websites and via its own website and call centre. Granite has control of the full insurance value chain, including distribution, underwriting, claims handling, premium finance, investment management and vehicle hire. It’s also known for its data-driven business model and digital expertise.
“I’m 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,” said Alan Keating, managing director and co-founder of Granite. “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.”
The UK motor insurance market has an estimated worth of about £16 billion. In 2017, Granite further established itself as a market leader in the specialist motor insurance space, underwriting over £220 million and having a 25% share of the UK taxi insurance market.
Following Inflexion’s investment, Granite’s founding shareholders Alan Keating and Martin Gowing will continue to lead the business.
“The management of Granite stand out as talented and ambitious in an industry we know well,” commented Simon Turner, managing partner of Inflexion. “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.”
