Albion injects £2m into Innovation Broking

According to Albion, its interest in Innovation Broking stems from the entryway it provided into the financial services industry, a recent addition to the VC's investment targets.

The capital will finance the company's plans to become a regional actor within the commercial insurance market, a sector with an estimated value of £1bn.

Innovation Broking will push growth by hiring professionals sourced from the contact portfolio of its management team, led by CEO Paul Dickson and managing director Howard Pearson.

The enlarged team will seek to land new clients and will initially operate as a subsidiary of Dickson Financial Services, an advisory firm owned by Paul Dickson.

According to unquote" data, Albion's investment comes one month after the VC exited microbiological testing specialist Lab M alongside Maven Capital Partners to US trade buyer Neogen Corporation. 

Company
Innovation Broking is a commercial insurance broker that services corporate clients seeking to protect their business against technology-related risks such as data breaches, cyber risks and corporate governance exposures.

The business is headquartered in Watford.

People
Albion's work on the deal was coordinated by deputy managing partner Will Fraser-Allen. Paul Dickson is currently CEO of Innovation Broking, while Howard Pearson is the company's managing director.

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• Topics
• UK / Ireland
• Expansion
• Financials
• United Kingdom
• Albion Ventures