Kingsbridge Group Ltd, the UK’s leading provider of specialist insurance for skilled contractors and freelancers, today announced its sale to Pennsylvania-based NSM Insurance Inc. (“NSM”).
The sale marks a strong exit for UK private equity firm Dunedin, which backed Kingsbridge in May 2016. Since Dunedin invested, the company has successfully diversified its product range, distribution channels, sectors and geographies, including making the transformative acquisitions of Larsen Howie, an online provider of insurance and tax related services in August 2018; and pioneering InsurTech provider Dinghy in January 2019.
Under Dunedin’s ownership, the business has achieved significant growth, doubling its client base and growing its revenues by an average of 24% per annum since 2016. This growth reflects a shift towards a more flexible workforce, with 5 million self-employed people now working in the UK (a 50% increase since 2002,[1]), and freelancers estimated to contribute £145 billion to the UK economy every year[2].
Founded in 2001, Kingsbridge has offices in Tewkesbury, London, Liverpool, Leicester and Guernsey and employs c.100 people. It supports over 55,000 contractor and freelance customers with their insurance and IR35 needs through its Kingsbridge, Larsen Howie and Dinghy brands, working with over 500 partners and through its own online distribution channels.
Oliver Bevan, a Partner at Dunedin who sits on the Board of Kingsbridge, commented: “During the last three years, Kingsbridge has successfully delivered on its goal to become a market leader in the provision of financial services to the contractor and freelancer community, and we are delighted to have been part of its rapid growth. Investing in its people, distribution channels and technology, the company has doubled its revenues and customers in just three years and created a suite of brands and distribution platforms with which to address the needs of a rapidly growing flexible workforce in the UK and overseas.”
“It is a great example of a company that has revolutionised a traditional industry where consumers with changing needs are demanding a different approach to insurance. We strongly believe in the future of this business and are confident that NSM will support the company’s continued growth.”
Commenting on the announcement, James Twining, Kingsbridge Group CEO said: “Kingsbridge has grown to become one of the leading players in the new, flexible economy. Dunedin has played a major role in supporting our development over the last three years, providing capital and insight as an experienced financial services investor. We are delighted to be joining NSM, who share both our values and our vision for how the world of work is changing and the significant opportunities that lie ahead. With the benefits of their investment and experience, we look forward to enhancing our offering to clients and accelerating the next stage of our journey both in the UK and internationally.”
[1] Office for National Statistics, Association of Independent Professionals and the Self-Employed
[2] The Freelance Project and Gig Economies of the 21st Century, Centre for Research on Self Employment, June 2019
