CBPE Capital has completed its investment in Direct Commercial Group (DCG), a Chelmsford-headquartered commercial motor insurance specialist, which includes Carraig Insurance Company and Direct Commercial Limited (DCL).
DCG is a multi-awarded, full-service MGA that provides underwriting services, offers policy administration, and in-house claims handling.
Phil Cunningham, CEO and founder of DCG, remains majority shareholder of the business. He said it was the right time for DCG to bring in a supportive private equity partner in order to continue its business development.
“CBPE are experienced investors, with a strong financial services track record, and I look forward to our partnership over the next few years,” said Cunningham.
Commenting on CBPE’s investment in DCG, Mathew Hutchinson and Richard Thompson, partners at CBPE, said they are looking forward “to supporting the team and taking the business through the next stage of its growth.”