Tradewise Insurance Group receives a £20 million investment deal
Tradewise Insurance Group has today announced a £20 million investment deal with Harwood Private Equity. Tradewise Founder and CEO of the Insurer, James Humphreys, stated “We are delighted to have found the right investment partners for our organisation. With this investment we can continue to focus on our core objective of building profit from niche insurance sectors within the motor insurance markets and wherever else profitability is identified”.
Harwood Private Equity invests in UK businesses across a range of sectors with good market share and prospects for growth led by managers with strong commercial and operational judgment. Harwood Private Equity has invested in over 50 portfolio companies since 2001, and is managed by Harwood Capital LLP, which has funds under management of approximately £1.1 billion. As part of the investment, Christopher Mills, managing partner at Harwood Private Equity, will join the boards of the relevant Holding Companies.
James Humphreys further stated “We have spent many years becoming as good as we are, at what we do and consider this investment recognition of that fact. This feeling runs the length and breadth of our organisations and all are committed to building an even greater more robust and dependable name for the insurance markets and policyholders of today and tomorrow”.
This investment will be used to reduce the costly burden of expensive co-insurance and quota share arrangements, as well as providing the Insurance Company a solvency buffer in the region of 180% and gives us the capacity to explore the numerous opportunities that we continue to be shown by our loyal broker base.
The investment is subject to regulatory approval in Gibraltar and in the United Kingdom.