Livingbridge is pleased to announce the investment in Kingsbridge Risk Solutions Ltd (“Kingsbridge”), a specialist insurance broker.
Livingbridge has invested £5m for a minority equity stake in the business.
Kingsbridge is a Top 100 independent insurance broker with strong in-house risk financing and risk management capabilities.
The business was formed in 2001 and specialises in the water industry, environmental risks and professional services, specifically payroll service providers and personal insolvency practitioners. Kingsbridge currently has offices in Tewkesbury, Guernsey, Liverpool and Reading.
Kingsbridge also has a rapidly expanding division (Kingsbridge Professional Solutions www.kpsol.co.uk) which provides business insurance services to contractors, freelancers and self employed professionals across a range of industry sectors spanning engineering, oil & gas, banking & finance and IT.
The investment by Livingbridge will support the business as it looks to build upon its current strong position in the UK commercial insurance market and develop its product offering into new industry sectors. The investment will also support the company as it looks to accelerate its growth overseas.
The deal was led by Andrew Garside and Phil Murden for Livingbridge. The Founder of Kingsbridge, Steve Wynne, will continue leading the business as CEO.
The investment in Kingsbridge is the first investment of 2014 for Livingbridge, following a busy year of activity in 2013 which saw the investment into 9 companies including fertility clinic Create Health, global psychologists YSC and global specialist recruitment agency Nigel Frank International. Livingbridge recently announced their first realisation of 2014 following the sale of portfolio company Kafevend to Eden Springs following a total of 8 exits in 2013.
Steve Wynne, Founder and CEO, Kingsbridge comments: “The investment will help us firmly cement Kingsbridge’s position as a pre-eminent independent player in the UK commercial insurance market and e-commerce space. I wanted a strong, knowledgeable and forward thinking partner to help support us with our next stage of growth. Livingbridge is a natural fit for us and I am looking forward to building an even stronger independent future together.”
Andrew Garside, Partner, Livingbridge, comments: “We have been proactively targeting investment in the insurance industry. Kingsbridge is a business built on strong principles and is achieving strong organic growth which is highly attractive in the industry. We look forward to working with Steve Wynne and his team to support future growth.”