Kingsbridge Group Ltd will have a new owner in the form of White Mountains Insurance Group subsidiary NSM Insurance Group, a managing general underwriting agency and specialty insurance programmes administrator based in Pennsylvania.
Without disclosing financial details of the transaction, Kingsbridge and NSM made separate announcements about the deal which is expected to close by the end of the second quarter and marks private equity firm Dunedin’s exit from the British insurance group. Dunedin LLC invested in Kingsbridge in May 2016.
“During the last three years, Kingsbridge has successfully delivered on its goal to become a market leader in the provision of financial services to the contractor and freelancer community, and we are delighted to have been part of its rapid growth,” noted Oliver Bevan, a Dunedin partner who sits on the Kingsbridge board.
“Investing in its people, distribution channels, and technology, the company has doubled its revenues and customers in just three years and created a suite of brands and distribution platforms with which to address the needs of a rapidly growing flexible workforce in the UK and overseas. We strongly believe in the future of this business and are confident that NSM will support the company’s continued growth.”
Kingsbridge, which started out as a specialist broker in 2001 and now employs around 100 people, owns insurance and tax-related services provider Larsen Howie and insurtech Dinghy. In addition to its Tewkesbury headquarters, the company also has offices in London, Liverpool, Leicester, and Guernsey.
Group chief executive James Twining had this to say: “Kingsbridge has grown to become one of the leading players in the new, flexible economy. Dunedin has played a major role in supporting our development over the last three years, providing capital and insight as an experienced financial services investor.
“We are delighted to be joining NSM, who share both our values and our vision for how the world of work is changing and the significant opportunities that lie ahead. With the benefits of their investment and experience, we look forward to enhancing our offering to clients and accelerating the next stage of our journey both in the UK and internationally.”
Meanwhile the group’s current leadership team will continue to manage the day-to-day operations of the business post-closing. The sale is subject to regulatory approval both in the UK and Guernsey.
Commenting on the swoop, NSM CEO Geof McKernan stated: “We are excited to expand further in the UK with the acquisition of Kingsbridge, which fits nicely into NSM’s portfolio of niche-focused insurance businesses. We look forward to working with James and his team and to providing them with support and resources to continue to grow the business.”