Founded over 30 years ago, SSP provides market leading technology systems and solutions across the entire general insurance industry value chain and the wider financial services market, enabling customers to upgrade their systems and benefit from SSP’s advanced data analytics services to improve their customer service, distribution and profitability.
SSP operates globally, processing more than 10 million electronic policy transactions each year for a diverse, long-standing customer base including 8 of the top 10 UK Insurers and Broker operations that equate to more than 40% share of the UK Broker market.
LDC, which has taken a majority equity stake in the business, is a well-established private equity firm with a leading position in the mid-market sector. The existing management team, which brings a combination of industry and specialist expertise, will work with the new equity partners.
The investment will support the management team and create the platform to accelerate the growth of SSP in the UK and internationally, building on its strong customer base and introducing intelligent data services, including telematics and fraud detection, to the market to help insurance organisations better assess risks.
Laurence Walker, Chief Executive at SSP, said:
“LDC’s investment is a strong endorsement of the attractiveness of SSP and the strength of the business. LDC will help us pursue our growth strategy, both organically and through M&A activity, and our customers will see the benefits of our continuing investment in SSP. Having worked previously with them I am looking forward to working with the LDC team again. It creates a great platform for further expansion of our business, in line with our business plans.”
Dale Alderson, Investment Director at LDC, said:
“The global insurance industry is under increasing pressure to modernise its use of data to become more efficient, cut down costs, expand distribution and secure more accurate risk analysis. SSP is at the forefront of this market, and with our support, will help transform the way that insurers operate and dramatically improve customer experience.”
John Garner, Director at LDC, said:
“Over the last decade, SSP has evolved into a truly global leader that has capitalised on the ever-increasing technological demands of the insurance industry, as well as the financial services sector. Laurence leads a highly ambitious team that is eager to build on the success of its international network. We are excited to back the business once again and support it through another era of growth.”