Deal subject to regulatory approval
The Kingsbridge Group Ltd (“Kingsbridge”), the UK’s leading provider of specialist insurance services to contractors, freelancers and the recruitment industry, is delighted to announce that it has agreed to be acquired by NSM Insurance Group (“NSM”) for an undisclosed sum, subject to regulatory approval in the UK and Guernsey. NSM, based in Conshohocken, Pennsylvania, is an industry leader in the development, implementation, marketing and underwriting of profitable, industry-specific insurance programs.
The deal marks an exit for UK private equity firm Dunedin which has backed the business since 2016. Under Dunedin’s ownership, the business has made a number of acquisitions and has enjoyed significant growth, more than doubling its client base and revenues.
Founded in 2000, Kingsbridge has four sites across the UK in London, Tewkesbury, Liverpool and Leicester and now employs over 100 people. This growth illustrates the success of Kingsbridge’s strategy to position itself to benefit from the long-term shift in the UK economy away from permanent roles towards a more flexible workforce, allowing companies of all sizes to access highly skilled professionals as and when they need them.
The Group now supports over 55,000 customers with their insurance and IR35 needs through its Kingsbridge, Larsen Howie and Dinghy brands, working with over 500 partners and through its own online distribution channels.
Commenting on the announcement, James Twining, Kingsbridge Group CEO said “From modest beginings, Kingsbridge has grown to become one of the leading players in the new, flexible economy. I would like to thank our customers, all our colleagues past and present, our partners, and our shareholders for all their support over the past twenty years in building the business to what it is today.
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.”
Geof McKernan, CEO of NSM Insurance Group said “We are excited to expand further in the UK with the acquisition of Kingsbridge, which aligns with NSM’s strategy of acquiring and growing a portfolio of niche-focused insurance businesses. Kingsbridge is a perfect fit, with strong alignment on company culture and customer satisfaction. We look forward to working with the whole team and providing them with support and resources to continue to grow the business.”
For further information please contact:
Mobile: +44 (0) 7967 838 205
NSMGeof McKernan / Bill McKernan
Tel: +1 610 808 9600