Leading South East law firm, Taylor Walton LLP has advised management on its buyout of CETA Insurance, a privately owned tech-enabled insurance broker.
CETA Insurance is an innovator in personal and commercial insurance distribution. Since inception, CETA has been at the forefront of tech-enabled insurance distribution and niche product and channel development. CETA has been successful at leveraging its online broking platform, diverse range of insurer relationships, strong digital marketing skills and deep data insights to develop market leading positions and recurring customer relationships in its core markets and channels.
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 Bibby, CEO, commented: “With its market leading software platform, CETA is a rare asset in the insurance industry. We are looking forward to building on the strong base that the founders have created and extending the platform further by developing new relationships with insurers and distribution partners.”
CETA’s technology is used to distribute products in a number of niche general insurance markets, both digitally to consumer 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 bolt-on acquisitions.”
The Taylor Walton team was led by Corporate Partner, Simon Hughes, and tax advice was provided by Tax Consultant, Christine Ward.
Simon Hughes said: “We are delighted to have advised Andrew, John and the management team on this transaction. This further consolidates Taylor Walton’s credentials as a leading adviser to management teams on private equity transactions in the South East”