Wed, 13 Nov 2024 | MBO/MBI
A Southend-on-Sea insurance provider has completed a management buy-out to help ramp up its growth plans.
Hood Group, founded in 1983, describes itself as a technology and data specialist that helps its partners – startups, large insurers and consumer brands - to transform their insurance proposition by delivering business models and products that enhance customer engagement and drive growth.
This includes creating bespoke white labels and products for brands and providing back-office support to improve efficiencies and speed. It specialises in general insurance including Home and Travel.
In its most recent financial results to the year ending December 31, 2023, turnover grew by 28 per cent to £14.4 million. It pointed to more demand for travel insurance and higher average premiums as drivers behind the improved result.
The existing management team of chief executive Simon Hood, commercial director Bruce Rei, chief operating officer James Wallis, travel director Mark Izzard, and non-executive chair Andy Homer bought-out the Group’s silent shareholders, with the support of Connection Capital, the private equity and alternative investment platform. All of the management team will remain with the business as do the associate directors.
Finance provided by the transaction will help the business invest in the Direct and B2B insurance distribution business, pursue new and existing verticals, and bolster other functions and resources across the group.
Hood said: "This investment marks an important milestone for Hood Group. With the support of Connection Capital and the great team they have assembled, we are confident in our ability to accelerate our growth plans and continue providing market-leading insurance solutions to our partners and customers."
Mark Snaith, investment director at Connection Capital added: "We have enjoyed getting to know the management team at Hood Group and have been impressed with their experience, expertise, and how they have evolved the business as the insurance market has continued to change. Our investment and our connections within the insurance industry will provide the support needed to unlock new opportunities and deliver the planned growth."
The management team were also supported by MarshBerry and Kennedys Law.
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