Innovation Broking Attracts £2m VC Investment
Venture capital investor Albion Ventures is to invest £2m in commercial broker Innovation Broking.
Innovation is led by CEO Paul Dickson, former founder of Dickson Insurance Brokers which was sold to Giles Insurance in 2008, and managing director Howard Pearson, formerly Giles managing director south region and CEO of OAMPS UK, now part of Arthur J Gallagher.
Based in Watford, the business will target clients seeking insurance for technology-related risk exposures including global property, liability, package, professional indemnity, fleet, directors and officers insurance.
It will also provide board-level insurance and risk management services on a range of evolving risks including data breach, cyber risk, technology cover, corporate governance exposures and D&O insurance. The business will initially use Dickson’s existing business, Dickson Financial Services as an operating company. Will Fraser-Allen, Albion Ventures deputy managing partner, said: “Innovation is extremely well- placed to attract leading talent into the business and its expertise in providing board level advice in fast-growing areas has already generated a strong list of clients.”
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.”
By Katie Marriner in POST