Specialist insurance broker, Kingsbridge Group has been sold to US firm NSM Insurance for an undisclosed sum. Kingsbridge provides specialist insurance for skilled contractors and freelancers.

Founded in 2001, Kingsbridge has offices in Tewkesbury, London, Liverpool, Leicester and Guernsey and about 100 staff. It has over 55,000 contractor and freelance customers and runs three brands -- Kingsbridge, the online insurance and tax provider Larsen Howie and insurtech Dinghy. The current Kingsbridge management team will also continue to manage the day-to-day operations of the business post-closing.

The sale, subject to regulatory approval by the UK and Guernsey authorities, will result in former backer, UK private equity firm Dunedin, which invested in Kingsbridge in May 2016, exiting the business.

Pennsylvania-based NSM Insurance, a subsidiary of the White Mountains Insurance Group, is focused on specialist niches and also owns UK insurance businesses Vantage Insurance Brokers (which also owns Fresh) and motor-focused managing general agent Xpekt.

Geof McKernan, CEO of NSM, commented: “We are excited to expand further in the UK with the acquisition of Kingsbridge, which fits nicely into NSM’s portfolio of niche-focused insurance businesses. We look forward to working with James [Twining] and his team and to providing them with support and resources to continue to grow the business.”

James Twining, Kingsbridge Group CEO said: “We are delighted to be joining NSM, who share both our values and our vision for how the world of work is changing and the significant opportunities that lie ahead. With the benefits of their investment and experience, we look forward to enhancing our offering to clients and accelerating the next stage of our journey both in the UK and internationally.”

Dunedin commented that it was now keen to invest in more UK-based insurance businesses. Oliver Bevan, a partner at Dunedin who sits on the board of Kingsbridge, said: “Dunedin has a good track record of investing in specialist insurance and is actively looking for other UK headquartered insurance businesses with strong management teams and a market leading position within their niche. We have expertise in helping to grow these types of businesses through investment in sales and marketing, internationalisation and acquisitions, in order that they can become market leaders.”

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