New Zealand private equity firm invests in io.insure owner

Pop Group Holdings, the owner of insurtech io.insure, says Auckland-based private equity fund Direct Capital has taken a minority stake in the business.

Pop launched in 2018 and also owns M&A and financial lines specialist underwriting agency Fusion Specialty and operates in the Asia Pacific, US and Europe.

“We welcome Direct Capital as a key partner as we continue the development of a global boutique M&A and specialty insurance services group, delivering on our promise of better customer experiences, and increased value through specialist risk protections, higher levels of responsiveness, greater convenience and efficiencies,” Pop Co-founder and Co-CEO David Rogers said.

Pop says it is building a unique specialist insurance ecosystem that transforms the insurance experience for customers, through partnerships, products, services and technology. Direct Capital has invested in 80 companies across Australia and New Zealand over its 29-year history.

“Direct Capital’s proven experience and expertise will be very valuable in our next stage of growth,” co-founder and co-CEO of Pop Killian McDermott said. “Pop has a unique combination of expert people, sustainable products and strategic partnerships, driven by pioneering M&A Tech and insurtech.”

Fusion Specialty provides tech-driven and sustainable insurance solutions to SMEs, and says it has underwritten more SME deals than any other insurer across the APAC region since 2019. It has offices in Australia, Singapore, Hong Kong, the UK, Germany, and the US.

io.insure is a M&A and specialty insurance online marketplace. It connects customers, advisers, distributors and insurer partners, supported by personalised products, and a data and technology platform designed for white-labelling by partners.