THE private equity firm Inflexion has backed a £40 million management buy out of Halesowen insurance firm MyPolicy.
Inflexion has backed Mypolicy chief executive Patrick Quinn and co-founder Mike Quinn will leave the firm he helped start in 1995.
MyPolicy specialises in the pricing and monitoring of telematics insurance policies for first-time drivers.
Patrick Quinn said: "Our business has achieved huge success since inception over a decade ago, with Inflexion’s support we are excited to embark on our next phase of growth.
"Inflexion's understanding of our vision, their track record in digital and technology transformation and access to their senior network made them the perfect partner to support the continued growth of MyPolicy."
Former chief executive of Axa, AA and Prudential, Mike Wood has now joined MyPolicy as chairman.
Inflexion head of enterprise Tim Smallbone added: "We raised this fund committed to partnering with high growth, niche businesses, led by tenacious management teams in the lower UK mid-market; the buyout of MyPolicy is a true reflection of our established investment strategy."
Tim Smallbone and Jonathan Ma will join MyPolicy's board on completion of the deal.
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