Specialist drone cover managing general agent Moonrock Insurance has secured investment from Minority Broker Partnerships, an investment vehicle backed by Towergate founder Peter Cullum. Moonrock said the investment would fund its ongoing expansion and innovation in the drone and eVTOL insurance sector.

Simon Ritterband, managing director and founder of Moonrock Insurance, said: “We’re thrilled to have developed this partnership with MBP and I am delighted to be working with Peter Cullum, who needs little introduction.

“His expertise in insurance investment and rich history sees him bring a lifetime’s worth of experience to support us to shape the growth of our business and keep pace with the exponential growth of the global drone and eVTOL market.”

James McCaffrey CEO of MBP, added: “Peter and I are delighted that MBP is investing in Simon’s experienced and innovative Moonrock team. The drone market is rapidly growing and we look forward to working closely with Simon to help him deliver his ambitious growth plans for Moonrock.”

Ritterband founded Moonrock in 2016. Earlier this year, Moonrock announced it had launched of a new £90m drone, eVTOL and aviation innovation insurance facility, led by Apollo.