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 Inflexion difference
As we are a minority investor in the company, the business will continue to be run by the existing management team led by founding shareholders. Granite is the clear market leader in the specialist space, with a 25% share of the UK taxi insurance market. We will use our industry expertise and experience in digital innovation to work with Granite to help grow their market share and increase efficiency.
I am delighted to have found a partner with relevant industry expertise, as well as a strong understanding of how digital enhancement can help improve our business. These traits combined with their experience as a minority investor made them the right backer for us as we look to increase our market share further.
Managing Director and co-founder, Granite Underwriting
The management of Granite stand out as talented and ambitious in an industry we know well. Their unique and differentiated business has proven adept at catering to specialist segments within the insurance space to deliver market leading products and we look forward to helping them innovate and grow further.