Inflexion Private Equity is pleased to announce that it has completed a minority investment in Granite Underwriting, a leading specialist motor insurance business. The investment is being made by Partnership Capital Fund I, Inflexion’s dedicated minority investing fund.
Established in 1982, Liverpool-based Granite comprises a number of brands which distribute specialist motor insurance, catering to drivers of private hire taxis, black taxis, Uber and other large operators in the sector as well as specialist cover for private car and light commercial vehicles. Its services are marketed through retail branches, price comparison websites, brokers, its own website and a call centre. Granite’s core strength is its data-driven business model, combined with control of the full value chain including distribution, underwriting, claims handling, premium finance, investment management and vehicle hire.
The motor insurance market is estimated to be worth £16 billion in the UK, with Granite underwriting over £220 million in 2017. Granite is the clear market leader in the specialist space, with a 25% share of the UK taxi insurance market.
Following Inflexion's investment, the business will continue to be run by the existing management team led by founding shareholders Alan Keating and Martin Gowing.