Challenger insurer revs up with funding
AN AMBITIOUS insurance company chaired by one of the region’s leading financial services entrepreneurs, is set to expand after agreeing its first external funding deal.
Sale-based motorcycle, scooter and van insurer Principal Insurance has secured a £250,000 loan from Yorkshire Bank to support its ambitious growth plans.
Founded in 2011 by Dave Bowcock a former operations director at Carole Nash, he was joined at the business by his former managing director, Damian Keeling last month.
Mr Keeling, who oversaw dramatic growth at Carole Nash during his nine-year tenure as managing director, then acquired Peart Insurance Brokers which then sold, before joining Perspective Financial Group where he spent six years as managing director and oversaw dozens of bolt-on acquisitions.
Principal will use the capital to help boost its marketing activity, invest in new technology and recruit additional staff for its team that stands at 17. It is the first time the business has sought external funding since its founding in 2011, with the capital injection coming swiftly after it doubled office space at its headquarters at Dalton House, Sale.
Despite being funded solely through its own resources the company has grown rapidly and already generates well over £3m in annual premium income (API).
Keeling said: “Whilst our previous growth has undoubtedly been impressive to break through to the next level, to really shake up the markets in which we operate, we needed additional financial support.
We’re delighted not just to have secured this significant funding but the vote of confidence from the bank that it signals.”
Funding was arranged through Yorkshire Bank’s business and private banking team in Manchester led by director, Neil Farrell.
Farrell said: “Having been impressed by Principal Insurance’s performance over the past three years or so, we can see the enormous potential inherent within the business. There is a clear strategy for growth and the necessary experience and expertise at the top to implement it.”
