We exploit dislocations in markets and unlock value from complex situations using a Get Rich and Stay Rich strategy. This strategy has given rise to returns over 23 years of 28% p.a. Net IRR
Disruptive Capital Investments Ltd. (“DCIL”, “Disruptive”), a £250m fund controlled and managed by City financier Edi Truell, has acquired a majority stake in REG (UK) Ltd (‘REG’), the leading online counterparty risk management platform for the UK general insurance market. Disruptive’s investment will help build on REG’s already strong base in the UK Composite Insurer and Lloyd’s Markets and support its expansion into international insurance markets.
The investment values the technology business, launched in 2014 with Disruptive Capital’s support, at some £20 million.
DCIL’s new investment of £8m will allow REG to accelerate its rollout to UK General Insurance clients, increase functionality and migrate out to key international markets, commencing in the US. REG’s founder and CEO, Michael Phair, will retain a 20% stake in the business.
REG uses data capture and advanced analytics to alleviate the increasingly burdensome due diligence and regulatory compliance processes faced by insurers and intermediaries in managing their counterparty relationships. It is rapidly becoming an industry standard utility for broker and agency management, helping insurers and intermediaries focus on client revenue enhancement, reduce the burden and cost of regulatory compliance and mitigate the risk of regulatory failure.
Commenting on the acquisition:
Edi Truell said:
“InsurTech is arguably the most exciting opportunity in the insurance sector, using much needed innovation to streamline hitherto clunky processes and enhance value. REG is leading the charge. I’m delighted that Disruptive is now its majority shareholder on the back of our capital investment. REG is a disruptive technology that is changing the way counterparty risk is managed in the insurance sector. In just two years, it has over 50,000 billable connections, and has captured over 2,300 insurers and intermediaries as registered users, including many of the sector’s most recognised names.”
Michael Phair added:
“We are delighted to welcome Disruptive as our majority owner. We have worked with Edi since our launch, not only benefitting from a “hands on” funding source during our initial growth spurt, but also from his deep and successful experience in private equity investments in the insurance and financial sectors. Disruptive‘s new investment will allow us to build on our success to date, supporting our growth both in the UK and internationally and enabling increased resource and development spend for the benefit of our clients and the London Market.”
REG offers a comprehensive database of the insurance distribution chain and provides 24/7 Alerts should corporate, financial, sanctions or regulatory details change that could impact risk assessment or regulatory compliance. REG’s platform allows clients to assess and verify broker and counterparty suitability and exchange new Terms of Business Agreements in minutes, rather than days or weeks under current manual processes.
Currently REG monitors more than 9,000 companies, and has generated more than 350,000 REG exception alerts for clients, notifying them of anything from a sanctions breach, to a sudden drop in Credit Rating, to a loss of FCA approval for a broker with whom they have a relationship. It has over 2,300 insurers and intermediaries registered and of the Top 50 brokers, over half are Members.
REG data has shown that those large insurers and wholesale brokers still dependent on manual processes are almost certainly in regulatory failure in respect of their distribution channel systems and controls. REG surpasses the FCA’s requirements for robust counterparty risk management, while its capabilities also address head on the key elements raised in the FCA thematic reviews around coverholder and delegated underwriting authority management; as well as appointed representative issues.
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About Disruptive Capital:
Disruptive Capital (www.disruptivecapital.com) and its chairman, Edi Truell, has originated, structured and led c.€5 billion of private equity investments, with enterprise values totalling some €15 billion.
Disruptive Capital’s strategy of selecting businesses capable of disrupting their markets; backing excellent management to transform them; and actively driving them to market leadership, has stood the test of time, returning on a complete investment basis a 28% net IRR over 24 years.
Disruptive’s core strategy is private mid-market ‘buy, build and transform’:
Disruptive seeks to globalise businesses, primarily headquartered in the UK and in solvent Europe.
REG (www.reg.uk.com/about) is the leading on-line due diligence and regulatory compliance platform for Broker/Agency management in the UK insurance industry. It is the only real-time solution in the UK market that combines 24/7 alerts for financial, corporate, sanctions and regulatory changes in a broker’s information, with electronic exchange of Terms of Business Agreements (TOBAs). In an environment where regulatory compliance demands are ever increasing, REG is becoming the “must have” solution for transforming burdensome and costly manual and paper-based processes.
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Pension SuperFund Capital, which oversees UK commercial pension consolidator Pension SuperFund, has reached an agreement to acquire the parent group of Options Pensions, STM Group, for £35.6m.
The purchase was made through the Pension SuperFund Capital acquisition arm Bidco. It is expected that if the full value is delivered by the deferred consideration units (DCU), the acquisition value could rise to £39.8m, it was announced this morning.
The scheme shareholders will also be entitled to receive 60 pence per share in cash, rising to 67 pence per share if full value is delivered by DCU.
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