Private equity investor completes £40m buyout of Black Country insurer

PRIVATE equity investor Inflexion Private Equity has completed the £40m buyout of Black Country-based specioalist insurer MyPolicy.

Halesowen-based MyPolicy, founded in 1995, provides broking, product design, pricing and monitoring of telematics motor insurance policies for first time drivers and other niches in the UK.
 
The broker has developed proprietary risk algorithms to analyse and interpret telematics driver data, applying this through its underwriting capacity and broad channels to market.
 
Inflexion has backed the firm’s CEO Patrick Quinn and its succession plans, which will see co-founder Mike Quinn leave the business.
 
Former CEO of Axa, the AA and Prudential, Mark Wood becomes MyPolicy’s new chairman. Mr Wood is a long-time member of Inflexion’s senior network.

The deal marks the debut investment for Inflexion’s Enterprise Fund IV.

Tim Smallbone, head of enterprise, Inflexion, said the fund was deliberately designed to partner high growth, niche businesses, led by strong management teams in the lower mid-market.

He said the buyout was a true reflection of the firm’s established investment strategy.
 
Patrick Quinn said MyPolicy had achieved huge success since its inception and with the new investment it was set to embark on its next phase of growth.

He said Inflexion’s understanding of the firm’s plans, aided by its track record in digital and technology transformation made it the perfect partner to support its growth plans.

The Inflexion team on the deal was Tim Smallbone and Jonathan Ma, both of whom will join the MyPolicy board on completion.