CBPE Capital LLP (“CBPE”) is pleased to announce that it has completed its investment into Direct Commercial Limited (DCL) and Carraig insurance Company Limited (Carraig) (together “Direct Commercial Group, DCG”) alongside Phil Cunningham (founder and CEO) and Management.
DCL is a commercial motor insurance specialist. As a full-service MGA (Managing General Underwriter/ Agent), DCL provides underwriting services, offers policy administration and in-house claims handling.
The business is headquartered in Chelmsford (with an office in London) and employs 145 people.
The group also includes Carraig, an insurance carrier based in Gibraltar, which provides insurance capacity to DCL alongside Munich Re Group.
DCG has been the recipient of numerous awards in the last few years including ‘Insurer of the Year’ at the CIR Commercial Insurance Awards and ‘MGA of the Year’ at the British Insurance Awards.
Phil Cunningham remains majority shareholder and fully committed to the business during the next phase of growth.
The investment in DCG continues CBPE’s successful track record of investing to support the growth and development of leading businesses in the financial services sector. Previous investments include Xafinity (UK corporate pensions consultancy) and JTC (global administration services provider), both of which successfully listed on the London Stock Exchange, in addition to Compre Group (a global run-off insurance consolidator). CBPE’s current portfolio includes Perspective Financial Group (financial planning and wealth advisory services).
Phil Cunningham, CEO and founder of Direct Commercial Group, said:
“I founded the business almost 20 years ago and we have seen strong growth and consistent profits for our capacity providers, whilst at the same time being at the forefront of product development and service levels for our policyholders and broker partners. In order to continue the businesses development, it was the right time to bring a supportive private equity partner into the business as shareholders. CBPE are experienced investors, with a strong financial services track record, and I look forward to our partnership over the next few years.”
Mathew Hutchinson and Richard Thompson, Partners at CBPE, said:
“We are very excited about our investment in DCG. Through its dedicated focus on commercial motor over a sustained period Phil and the management team have built a very strong business. We look forward to supporting the team and taking the business through the next stage of its growth.”