UK telematics specialist Trak secures £40m growth capital from Three Hills
UK telematics firm Trak Global Group (TGG) has secured growth capital investment of over £40 million from Three Hills Capital Partners to accelerate the development of its data-driven technology solutions for the insurance and shared mobility markets.
Three Hills Capital Partners has acquired a significant minority stake in the business.
The investment will be used to accelerate the development of new products and services for the group's clients across insurance, mobility, automotive equipment manufacturers and governments.
TGG has partnerships with insurers including RSA, Volkswagen Financial Services, Nationwide Insurance (USA), Allianz, Europcar and Zipcar in the UK, Europe and North America.
TGG Group CEO Nick Corrie said the partnership creates a capital structure that will “enable us to more rapidly execute our ambitious growth plans, both organic and by acquisition, to become the global leader providing connected, data-driven technology solutions for the insurance and shared mobility markets.”
Joe Jefferies, UK coverage at Three Hills, who will join TGG’s board, said: “Trak Global is our first investment in the IoT and telematics space, and during our detailed diligence into the sector it quickly became clear that TGG was the stand-out performer. The combination of management team strength and vision, as well as the company’s relentless focus on forming true partnerships with their customers, made for a compelling investment case.”
Get all the latest re/insurance industry news with our daily newsletter - sign up here.
Dorian losses to extend ‘cat reinsurance rate increases into 2020
Swiss Re reclaims top reinsurer spot in a tough year, data reveals
Large general insurer in UK reports fraud savings hike in H1 2019
CNO Financial hires new chief actuary from New York Life
Prudential Financial reshuffles US business leadership in growth drive
Feature: 10 ways insurers are using insurtech to drive new business
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze