London, UK – March 21, 2017 – CFC, the largest independent Managing General Agent (MGA) in the UK, today announced that its Founder and Chief Executive David Walsh and the rest of the management team have agreed to acquire the business with support of leading international growth capital investor, Vitruvian Partners.
The investment from Vitruvian will enable CFC to invest further in building its unique portfolio of emerging and specialty risk products, expand its global distribution base, and develop its industry-leading technology platform, in order to build on the Company’s premier position in the specialty insurance market.
The transaction is expected to close in the summer of 2017, subject to regulatory approval.
David Walsh, Chief Executive Officer of CFC, commented:
“This is an incredible deal for our staff, carriers, brokers and customers – because it shows that we want to take this business to the next level and build the world’s pre-eminent MGA. We have always been committed to independence and wider employee share ownership and this deal is designed to deliver those two goals.
I would like to thank our existing investors, including Richard Corfield, ex-chairman of RK Harrison, Mike Rees, co-founder of Benfield and Hugh Willis, co-founder of BlueBay Asset Management who have been hugely supportive of CFC during the last five years. We are now extremely excited to welcome Vitruvian as we embark on a new chapter for CFC. We continue to believe that our combination of great people, processes and technology puts us in the best possible position to capitalise on the opportunities we see ahead.”
Joseph O’Mara, a Partner at Vitruvian, added:
“Vitruvian is delighted to back David and his team at CFC, at a time of rapid growth for the company and the markets which it serves. The management team have done an extraordinary job in building CFC to be the leading independent UK MGA, and we believe that through continued focus on industry-leading products, customer service, and innovation, CFC is poised for continued success.
Our partnership with management will allow the company to build on recent success. We are delighted to partner with David and the broader management team and look forward to supporting them during the next phase of the Company’s growth.”