Lloyds private equity invests in Manchester’s Uinsure

LDC, the private equity division of Lloyds Banking Group, has invested in the expanding Manchester insurtech business Uinsure to support its growth strategy.

Founded in 2007, Uinsure is a cloud-based technology platform that connects financial intermediaries and lenders with a panel of UK insurers.

Uinsure said it has achieved 27% compound annual revenue growth over the last 10 years and LDC’s investment and strategic support will increase its market share further, while developing new markets, as well as growing its network of partnerships with intermediaries, major building societies, and banks.

The Manchester-based business has doubled the size of its team dedicated to technology over the last two years, while it has won industry awards during that time for its UinsureCX product, which tracks an individual’s mortgage progress and triggers communications at the most relevant moments of the mortgage cycle.

LDC said it is backing the existing management team led by founder and CEO Simon Taylor.

Martin Schultheiss will continue as group managing director, James Fawcett as chief financial officer, and Dan Wright as non-executive chair.

As part of the transaction, Peter Thompson, industry expert and former CEO of BGL Insurance, has joined Uinsure as a non-executive director.

The investment was led by LDC North West Partner Aziz Ul-Haq and Partner and Head of North West Dale Alderson, alongside Investment Director Grant Goodwin and Investment Manager Camilla Greenwood. Ul-Haq and Alderson will join the Uinsure board.

Taylor said: “Right from the very first meeting, LDC has been aligned with our vision to remove the complexity of insurance for our partners and their customers.

“When we started looking for an investor to support us through our next phase of growth, finding the right partner who shares our culture was extremely important to us.

“The team at LDC will be working closely to strategically support us with our long term goals, as we explore new markets and grow our network of partnerships.”

Ul-Haq said: “Uinsure’s recent large-scale investment in its technology means it is perfectly placed to serve its target market by offering a digital-first solution with a competitive edge.

“It has a highly experienced and incredibly ambitious management team whose offering has disrupted the industry and revolutionised the market. We’re looking forward to working with them to help it grow further.”

Uinsure was advised by GP Bullhound (corporate finance), Eversheds Sutherland (legal) and Deloitte (debt advisory), with bank facilities provided by HSBC and Santander.

LDC was advised by DLA Piper (legal), KPMG (financial due diligence and tax) and LEK (commercial due diligence).