Starpeak Insurance Solutions grew gross written premium (GWP) by 18% to £8.4 million in the first half, its first results since a management buyout backed by private equity firm August Equity.
Sales volumes rose 14% over the same period. The business said it reached 180,000 sales on a rolling 12-month basis.
Starpeak, founded in 1991, distributes specialist insurance online through brands including SportsCover Direct and Protectivity, serving niche SME and personal lines markets.
August Equity backed the management buyout in July. Founder Julian Hucks moved into an ambassadorial role, Andy Brownsell became chief executive, and former BGL Group chief executive Peter Thompson joined as chair. At the time, August Equity said Starpeak had demonstrated sustainable annual growth of more than 25%, which puts the latest 18% rise in context.
The investment will fund continued development of Starpeak’s proprietary technology platform, iTraps, along with product expansion and acquisitions.
“Following the management buyout, we have an ambitious team, a clear strategy and the backing to invest in the areas where we see the greatest opportunity,” said Brownsell.
During the half, Starpeak broadened the underwriting appetite of its caterers product to cover a wider range of risks, and improved its tradesman offering.
It also became a benefit partner of the Chartered Institute for the Management of Sport and Physical Activity (CIMSPA), giving eligible members access to specialist insurance at preferential rates. The partnership extends Starpeak’s reach in the sport and fitness sector. It also relaunched the website for SportsCover Direct, its long-established sports and travel insurance brand.
Starpeak is a small player, but it reflects a wider pattern. Private equity firms are backing niche digital distributors that combine their own technology with specialist products for underserved markets, then using that platform to buy in further growth.
For brokers in niche SME and leisure markets, such as sports coaches, fitness professionals, caterers and tradespeople, Starpeak competes directly online. With fresh capital and an acquisition agenda, it is likely to push harder into adjacent niches. Brokers in those segments should expect more digital competition on price and convenience, and may find Starpeak becomes a buyer of smaller specialist books.
