Albion Ventures invests £2m in broker
Albion Ventures, the venture capital investor, has announced its funds will invest up to £2 million in Innovation Broking, an independent commercial insurance broking business providing corporate insurance broking services to companies and individuals seeking expert advice at board level.
Innovation is led by Paul Dickson, chief executive officer (CEO) and Howard Pearson, managing director. Dickson has more than 35 years’ broking experience and was most recently at Arthur J Gallagher, where he managed 14 offices and around £70m gross written premium (GWP).
Pearson is the former CEO of insurance broker OAMPS UK, now part of Gallagher’s and managing director of Miller Insurance (UK) and Giles Insurance commercial division, where he served on the board.
Based in Watford, UK, Innovation will be targeting clients seeking insurance for technology related risk exposures including global property, liability, package, professional indemnity, fleet, directors and officers insurance. It will provide board-level insurance and risk management services on a wide range of new and evolving risks including data breach, cyber risk, technology cover, corporate governance exposures and directors and officers (D&O) insurance.
Innovation’s growth strategy will be driven by leveraging management’s industry contacts to recruit specialist individuals looking to operate in a more entrepreneurial environment.
With brokers distributing around 80 percent of the commercial insurance market, worth around £1 billion, Albion claims there is potential for Innovation to become a significant regional commercial broker. It will initially use Paul Dickson’s existing business, Dickson Financial Services Limited (DFSL) as an operating company.
Will Fraser-Allen, deputy managing partner, Albion Ventures, said: “We are excited to be investing in Innovation and look forward to working closely with Paul Dickson and Howard Pearson to grow their business over the coming years.
“Innovation is extremely well placed to attract leading talent into the business and their expertise in providing board level advice in fast growing areas such as cyber liability has already generated a strong list of clients.
“Innovation provides Albion with exposure to the mainstream financial services sector, an interesting new investment area for us.”
Dickson added: “We are very pleased to have attracted this investment from Albion, which will underpin our ambitious growth plans. Albion’s experience in backing high growth businesses will be invaluable as we execute our exciting expansion programme centred round advising businesses in the digital world.”
Innovation Broking is a member of key insurance trade bodies in TechAssure and The British Insurance Brokers Association (BIBA).
Albion Ventures, Investment Broking, London, Europe