CBPE is delighted to announce that Fund IX has fully realised its investment in Direct Commercial Group following the sale of Direct Commercial Limited (“DCL”) to Tokio Marine HCC International (“TMHCCI”).
CBPE is delighted to announce that Fund IX has fully realised its investment in Direct Commercial Group following the sale of Direct Commercial Limited (“DCL”) to Tokio Marine HCC International (“TMHCCI”).
DCL is a leading specialist UK commercial motor Managing General Agent (“MGA”), providing commercial motor insurance across fleet, multi-vehicle and individual risks through a dedicated UK broker network. Headquartered in Chelmsford, UK, DCL writes over £200 million of Gross Written Premium (“GWP”) and insures one in nine commercial trucks on UK roads.
CBPE partnered with founder and CEO Phil Cunningham in a primary buyout in December 2021 to support the next stage of the business’s growth. During CBPE’s investment, DCL has grown GWP from approximately £120 million to over £200 million, while maintaining strong underwriting performance.
Alongside this growth, the business has significantly broadened its senior management team, particularly across underwriting and business development, and invested in its technology and IT infrastructure to support its continued development. These investments have helped DCL scale while maintaining the specialist underwriting expertise, in-house claims capability and strong broker relationships that underpin its differentiated position in the commercial motor market.
CBPE has been a highly supportive partner to DCL over the last four years. Together, we have continued to invest in our people, technology and capabilities while maintaining the specialist approach and broker relationships that have always been central to our success. We are proud of what we have achieved during our partnership with CBPE and are excited to begin the next stage of DCL’s journey with Tokio Marine.
It has been a pleasure to partner with Phil and the team over the last four years. DCL was already a high-quality business when we invested and has grown significantly during our partnership, while retaining the specialist expertise, strong underwriting discipline and broker-focused approach that have been at the heart of its success. We are very proud of what we have achieved together and wish Phil and the team every success in the next stage of their journey with Tokio Marine.
Terms of the transaction were not disclosed.
CBPE’s investment in DCL was led by Mathew Hutchinson with support from Richard Thompson.
The transaction was supported by Continuum and Proskauer.
