Funds managed by Inflexion Private Equity have completed the GBP40 million buyout of MyPolicy, a UK’s telematics insurance broker.
Founded in 1995, MyPolicy provides broking, product design, pricing and monitoring of telematics motor insurance policies for first time drivers and other niches in the UK.
MyPolicy has developed proprietary risk algorithms to analyse and interpret telematics driver data, applying this through its underwriting capacity and broad channels to market.
Inflexion is backing Patrick Quinn, CEO. As part of the buyout, Inflexion has supported MyPolicy’s succession plans, enabling co-founder Mike Quinn, to transition out of the business.
Inflexion also introduced industry veteran Mark Wood as chairman. Wood is a long-time member of Inflexion’s senior network and has previously held CEO positions at Axa, the AA and Prudential.
Tim Smallbone, head of enterprise, Inflexion, says: “As our debut investment from Inflexion Enterprise Fund IV, we are thrilled to partner with a business operating at the forefront of its sector. We raised this Fund committed to partnering with high growth, niche businesses, led by tenacious management teams in the lower UK mid-market; the buyout of MyPolicy is a true reflection of our established investment strategy. We welcome MyPolicy into Inflexion’s network and look forward to working together to accelerate its growth.”
Patrick Quinn says: “Our business has achieved huge success since inception over a decade ago, with Inflexion’s support we are excited to embark on our next phase of growth. Inflexion’s understanding of our vision, their track record in digital and technology transformation and access to their senior network made them the perfect partner to support the continued growth of MyPolicy.”
The Inflexion deal team comprised of Tim Smallbone and Jonathan Ma; they will join the board on completion.
