Private equity firm Kester Capital has backed a management buyout of CETA Insurance, a distributor of personal and commercial insurance products.
CETA was founded in 1993 and uses innovative technology to distribute insurance products from the UK’s leading insurers both direct to consumers and through a network of over 1,500 broker and IFA members.
The business employs over 120 staff in its head office in Chipping Norton, Oxfordshire.
Following the acquisition John Bibby, formerly of BBI Worldwide and Primary Group, will take over as CEO of CETA. Andrew Blowers, founder of Swiftcover and current non-executive director at the AA, will remain on the Board as Chairman.
John Bibby, CETA's CEO, said: “With its market leading software platform, CETA is a rare asset in the insurance industry. We are looking forward to building on the strong base that the founders have created and extending the platform further by developing new relationships with insurers and distribution partners.”
Cameron Crockett, Founding Partner of Kester Capital, added: “We have been very impressed by CETA’s platform and its ability to provide a responsive service to customers and insurers through innovative use of technology and data. We look forward to supporting the business in its growth ambitions, both organically and through bolt-on acquisitions.”