UK insurer Kingsbridge acquires insurtech firm Dinghy
Private equity-backed Kingsbridge Group, a UK-based provider of specialist insurance services to contractors, freelancers and the recruitment and utilities industries, has acquired insurtech company Dinghy.
Dinghy has developed an on-demand professional indemnity (PI) insurance cover, aimed at freelance professionals and the “gig” economy. Its technology platform enables customers to flex their insurance coverage up and down with a simple swipe to reflect their needs - for example when they are between projects or on holiday, enabling them to save money but remain fully covered even when they are not working.
Dinghy also offers equipment cover, public liability, legal expenses and cyber liability - all delivered via a mobile-first website.
The acquisition of Dinghy follows Kingsbridge’s acquisition last year of Larsen Howie, a specialist online provider of insurance and IR35 and tax related products and services.
James Twining, CEO of Kingsbridge, said: “The acquisition of Dinghy further broadens our ability to reach into an even wider segment of the important creative and ‘gig’ markets where freelancers demand a different approach to insurance and an improved user experience. We are delighted to welcome the Dinghy team into the Kingsbridge family and are very excited to deliver the next phase of growth that they and the Dinghy platform, will deliver for us both in the UK and internationally.”
Ben Wilks, co-founder of Dinghy, said: “We are delighted to have joined forces with Kingsbridge, who are known as one of the largest and most successful players in the contractor insurance market. The combination of Dinghy’s unique flexible product and technology platform and Kingsbridge’s marketing and commercial strength, will enable us to improve our offering to our existing customers and significantly accelerate our growth plans.”
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