’We have been highly impressed by the company’s achievements to date,’ says partner and head
Private equity company Cinven has agreed to acquire a 50% share of home and motor managing general agent (MGA) Policy Expert.
Cinven’s Strategic Financials Fund is set to purchase the interest from Policy Expert’s current owner, a wholly owned subsidiary of the Abu Dhabi Investment Authority (Adia).
The deal means that Cinven and Adia will each have a stake in the company – the financial details of the transaction have not been disclosed.
Steve Hardy, executive chair at Policy Expert, said: “We are a forward looking business that loves to get things done and we are hugely excited to have two supportive shareholders in Cinven and Adia with us for the next stage of our journey.”
’Attractive opportunity’
Cinven claimed Policy Expert was a ”highly attractive investment opportunity” due to its market position, business model, leadership team and growth over the years.
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For example, Policy Expert announced last week (4 September 2024) that it had surpassed 1.5 million customers for the first time.
Luigi Sbrozzi, partner and head of the strategic financials fund at Cinven, said: “We have been highly impressed by the company’s achievements to date, with the business expanding significantly over the past few years.
”We are delighted to invest alongside Adia to support Policy Expert in its next stage of growth.
”Cinven has extensive experience investing in the insurance sector and we look forward to leveraging this knowledge to support the management team to deliver continued growth across its product base.”
Hamad Shahwan Aldhaheri, executive director of the private equities department at Adia, added: “We are confident that Cinven’s track record of supporting innovative businesses will be of significant benefit to Policy Expert and we are pleased to welcome them as fellow shareholders in the company.
“Policy Expert is already one of the UK’s leading insurance providers and it has strong prospects for further growth.”
The transaction is subject to regulatory approvals and other closing conditions.
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