VIPR, the award-winning provider of Delegated Authority (DA) solutions, announces that Tenzing, an independent private equity firm based in London that targets buyout investments in high growth businesses, valued between £10m and £100m, has invested in VIPR to support the next phase of its growth strategy in the UK insurance market.
With over 50% of the Lloyd’s Managing Agents who buy a DA system as clients, and processing some £10bn of GWP annually, VIPR is seen by many in the insurance sector as the ‘go-to provider’ for DA software solutions. VIPR provides solutions covering bordereaux processing and management, coverholder management, and highly-flexible reporting and analysis.
VIPR will continue to serve the Lloyd’s market, where its market-leading product, ‘Intrali’, provides Managing Agents and brokers with additional complementary functionality to the Lloyd’s system, ‘Delegated Data Manager’ (previously DA SATS).
However, brokers, the wider UK insurance market, and international markets, are the increased focus of VIPR’s next stage of rapid, service-led growth.
Paul Templar, CEO of VIPR, said: “Delegated Authority business plays a hugely important role in the insurance sector and VIPR is already well established as the Delegated Authority experts within the London market. We are thrilled that Tenzing has recognised our leadership position and this investment and partnership will assist us in continuing to grow our UK presence and expanding our international footprint.”
Christian Hamilton, Founder and Co-Managing Partner of Tenzing, said: “VIPR has all the high-growth characteristics we look for in a business, growing over 30% over the last year, despite the challenges 2020 has presented. We’re excited to back Paul, Stewart, and the wider VIPR team, and look forward to helping to maximise the company’s potential with the support of our Growth Team.”
This is Tenzing’s ninth investment from Tenzing Fund I. It follows a busy first half of the year, which saw the firm lock in £400m for its second fund within nine weeks.
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