British specialist insurance services provider Kingsbridge Group has acquired insurtech company Dinghy for an undisclosed sum.
Dinghy has created an on-demand professional indemnity (PI) insurance coverage that is ideal for freelancers and the gig economy.
Additionally, Dinghy’s technology platform allows users to enables customers to increase or decrease their insurance coverage with a swipe.
Furthermore, the acquired entity offers public liability, equipment cover, legal expenses and cyber liability – all delivered through a mobile-first website.
Kingsbridge CEO James Twining said: “The acquisition of Dinghy further broadens our ability to reach into an even wider segment of the important creative and ‘gig’ markets where freelancers demand a different approach to insurance and an improved user experience.
“We are delighted to welcome the Dinghy team into the Kingsbridge family and are very excited to deliver the next phase of growth that they and the Dinghy platform, will deliver for us both in the UK and internationally.”
Dinghy co-founder Ben Wilks said: “We are delighted to have joined forces with Kingsbridge, who are known as one of the largest and most successful players in the contractor insurance market.
“The combination of Dinghy’s unique flexible product and technology platform and Kingsbridge’s marketing and commercial strength, will enable us to improve our offering to our existing customers and significantly accelerate our growth plans.”
Last year, Kingsbridge acquired Larsen Howie that specialises in insurance and IR35 and tax related products and services.
Kingsbridge Group offers insurance services contractors, freelancers and the recruitment and utilities industries, among others.