Private equity firm Inflexion has announced the launch of a new insurance broker platform, with an initial investment in Ascend Broking Group. The transaction is subject to FCA approval.
Ascend, headquartered in Chelmsford, Essex, focuses on commercial lines, healthcare, and risk management solutions. The firm has grown to approximately 30 employees since its founding in 2017 and has received 19 industry awards.
Matthew Collins (pictured above), who founded Ascend after holding senior positions at FMW, Oval, and AJ Gallagher, will serve as group managing director of the acquisition platform. The investment comes from Inflexion's Enterprise Fund VI, which closed at £975 million in 2024.
Inflexion's move comes as private equity continues to be the dominant force behind most transactions in the UK insurance distribution sector, with more than half of M&A activity being PE-backed.
PE firms have shown sustained interest in asset-light industries like insurance distribution due to forecastable, recurring revenue streams. However, direct investments in broker platforms remain relatively uncommon compared to bolt-on acquisitions.
Inflexion has previously invested in the UK broking sector. In 2017, the firm acquired and merged Bollington Insurance Brokers and F Wilsons Insurance Brokers. It later acquired David Roberts & Partners in February 2021, completing 13 acquisitions over three years.
The firm said it plans to acquire additional brokers through the platform, with the goal of establishing four to six regional hubs across the country. The platform is designed to handle operational functions such as regulatory compliance, IT systems, and back-office finance for partner firms.
Dominic Clark, investment director at Inflexion, said the firm is focused on value creation in the insurance broker market and wants to work with intermediaries seeking an independent and entrepreneurial home. He added that founders joining the platform now will help shape its development.
Malcolm Coffin, partner at Inflexion and head of the Enterprise Fund, said the firm has a track record in the insurance broking sector.
"We are committed to building this new platform in a way that emphasises partnering with business owners and their teams, and championing independent broking," Coffin said.
Collins said he built Ascend as a client-first independent broker. He noted that Inflexion stood out as a partner because of its aim to take operational burdens off brokers' shoulders.
