Brit Insurance invest £7m in Xbridge
by David Masters
Story link: Brit Insurance invest £7m in Xbridge
UK-based Brit Insurance Holdings plc has invested £7 million in communications technology firm Xbridge.
This gives Brit Insurance, who provide non-life insurance and reinsurance, a 38% state in the company.
Xbridge, also based in the UK, helps insurance companies connect with small and medium sized businesses.
Xbridge’s online and finance technology allows businesses to quickly and easily price and buy insurance on the internet.
Since its launch in July 2005, Xbridge’s technology has generated over £15 million in insurance premiums.
Peter Burrows, chief executive of Brit Insurance, cited Xbridge’s 40% growth rate as the key reason for investment.
A spokesperson for Brit added that the “investment builds on an already successful relationship” that began in March last year.
The investment is in line with Brit’s current strategy of expanding into the small business market.