19 August 2014 Insurance

Open International completes PE-backed MBO

The management team of Open International, the parent company of the online commercial insurance markets PowerPlace and Open GI, has completed a management buyout of the business from its private shareholders with the backing of Montagu Private Equity.

Open GI supplies software and services to the general insurance market, supporting insurers, brokers and aggregators across almost 2,000 sites. In 2013, Open International acquired PowerPlace, an online commercial insurance marketplace, which distributes commercial insurance products electronically via some 1,200 broking firms.

Chris Guillaume, chief executive of Open International, said: “We have continued to build on our strong position in the market over the past few years and we are excited to be driving the group’s next phase of growth, notably in the commercial insurance market where  is at the forefront of the move to standardise and transact products online.

“We are delighted to be working again with Montagu. With their extensive knowledge of the business and experience backing the growth of other software and technology businesses, they are the ideal partners to support us as the business expands to take advantage of the changing market dynamics.”

Edward Shuckburgh, director of Montagu Private Equity, said: “We are impressed by Open International’s continued product innovation and its consistent growth and profitability, and it is a business that we know well, having invested previously in 2006. We look forward to working with Chris Guillaume and his team and supporting them in their strategy to continue the growth and development of this market-leading business.”

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