Kingsbridge Group, a UK-based provider of specialist insurance services, recently announced the completion of its acquisition of Dinghy, an insurtech company widely credited with developing the first on-demand professional indemnity insurance cover for freelancers and those working in the gig economy.
Dinghy’s offering allows customers to fine-tune their insurance coverage with a few swipes of a smartphone, raising and lowering levels as needed – for example when they have a gap between major projects or are travelling on holiday. The main selling point is that customers can always be covered, even when not working, but can still save money where possible.
Kingsbridge’s acquisition of Dinghy follows its 2018 acquisition of Larsen Howie, an online provider of insurance products and IR35 and tax-related products and services. The acquisitions are part of a broader strategy for the company to widen its distribution channels, product and service offerings and geographic reach, in order to tap into shifting workforce patterns.
“We are delighted to have joined forces with Kingsbridge, who are known as one of the largest and most successful players in the contractor insurance market,” said Ben Wilks, Co-Founder of Dinghy. “The combination of our unique flexible product and technology platform and Kingsbridge’s marketing and commercial strength will enable us to improve our offering to our existing customers and significantly accelerate our growth plans.”