CETA Insurance Limited (“CETA”), an innovator in niche personal and commercial insurance distribution, has been acquired in a management buyout backed by Kester Capital, an independent mid-market private equity firm.
Since being founded in 1993, CETA has been at the forefront of using technology to create an efficient and scalable distribution model that delivers valued product to customers and access to market and data-driven insights to CETA’s insurer partners. CETA’s online broking platform is widely acknowledged to be best-in-class having benefited from over 20 years of development.
Following the acquisition, John Bibby, formerly of BBI Worldwide and Primary Group, will take over as CEO. Andrew Blowers, founder of Swiftcover and current NED at the AA plc, will remain on the Board as Chairman. John and Andrew will be joined by in senior leadership roles by James Thomson (COO), Paul Yates (NED), James O’Hara, and Luke Sims-Wilson.
John Bibby, CEO, commented: “With its market leading software platform, CETA is a rare asset in the insurance industry. We are looking forward to building upon the strong base that the founders have created and extending the platform further by developing new relationships with insurers and distribution partners.”
David Quick, co-founder and outgoing Managing Director, added: “Adrian Waters, Sandie Schofield and I are very happy to pass CETA on to John, Andrew and the rest of the team. We have worked with them for many years and believe they are the right team to take the business through its next phase of growth.”
CETA’s technology is used to distribute products in a number of niche general insurance markets, both direct to consumer online as well as through a network of over 1,500 broker and IFA members. The business employs over 120 staff from its head office in Chipping Norton, Oxfordshire, and will remain a strong supporter of the local community.
Cameron Crockett, Founding Partner, Kester Capital said: “We have been very impressed by CETA’s platform and its ability to provide a responsive service to customers and insurers through innovative use of technology and data. We look forward to supporting the business in its growth ambitions, both organically and through further bolt-on acquisitions.”