Ex-Gallagher duo’s new broker gets £2m VC funding

Venture capital firm Albion Ventures will invest up to £2m in new commercial broker Innovation Broking.

The broker was set up by chief executive Paul Dickson and managing director Howard Pearson, both senior figures at Giles and subsequently Arthur J Gallagher, and started operating in April this year.

The new firm broke through the £1m gross written premium barrier in the first six weeks of operation.

Innovation Broking focuses on providing insurance for technology-related risks as well as corporate advice.

The company also plans to use its management team’s industry contacts to hire specialist brokers that want to work in a more entrepreneurial

Innovation believes it has the potential to become a “significant regional commercial broker”.

Albion Ventures deputy managing partner Will Fraser-Allen said: “We are excited to be investing in Innovation and look forward to working closely with Paul Dickson and Howard Pearson to grow their business over the coming years. 

“Innovation is extremely well placed to attract leading talent into the business and their expertise in providing board level advice in fast growing areas such as cyber liability has already generated a strong list of clients.

“Innovation provides Albion with exposure to the mainstream financial services sector, an interesting new investment area for us.”

Dickson added: “We are very pleased to have attracted this investment from Albion, which will underpin our ambitious growth plans.  Albion’s experience in backing high growth businesses will be invaluable as we execute our exciting expansion programme centred round advising businesses in the digital world.”

Dickson was managing director for the South region at Giles and subsequently at Arthur J Gallagher after it bought Giles. At Gallagher he managed 14 offices and around £70m of gross written premium.

Pearson was chief executive of OAMPS UK before it was bought by Gallagher. He was previously retail managing director at Giles.