August Equity, a UK private equity firm focused on the lower-mid-market, has agreed to invest in Starpeak, a specialist digital insurance distributor serving niche SME and personal lines markets.
The transaction marks the sixth deal completed under the firm’s Fund VI and remains subject to sign-off from the Financial Conduct Authority.
Starpeak operates as a technology-enabled managing general agent under the leadership of Andy Brownsell and Andy Pilgrim, running several brands including Protectivity and SportsCover Direct to serve more than 175,000 customers across the UK annually, with a focus on underserved, high-growth niches.
Backing from August will go towards further development of Starpeak’s in-house technology platform, iTraps, which supports quick product launches, largely automated underwriting, and streamlined direct-to-consumer sales, enabling the rollout of highly tailored insurance products in specialist markets. Alongside organic growth, the company is also considering acquisitions to expand further.
The deal reflects August’s established approach of investing in adjacent sectors where management teams already carry deep experience, extending its footprint in financial services. It comes after the firm exited AAB to Goldman Sachs Alternatives and follows fresh backing for financial services business Superbia and legal firm Higgs LLP.
Peter Thompson has been appointed Chair of Starpeak as part of the transaction, bringing with him substantial industry knowledge gained as CEO of BGL Group, a business he took through a successful sale to the Pollen Street-backed Markerstudy Group.
In a joint statement, Starpeak CEO Andy Brownsell and CTO Andy Pilgrim said, “This investment represents an exciting new chapter for our team. We have built a scalable platform that combines strong insurance expertise with sophisticated technology and data capabilities. Partnering with August now gives us greater resources to accelerate our growth while continuing to deliver exceptional service to our customers.”
August Equity Partner Kishan Chotai, who previously worked on the firm’s investments in AAB and Superbia, said “Starpeak has built a strong reputation and demonstrated sustainable >25% annual growth in highly attractive markets. The UK insurance services sector continues to benefit from increasing demand for niche, hyper-personalised solutions, something that Starpeak has at its core. We believe the business has a highly scalable technology platform and an ambitious leadership team, both of which provide excellent investment dynamics.”
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