neil utley yacht

Inside 'Beckingham Palace': David and Victoria's mansion bought by insurance tycoon for £11.3million

Insurance entrepreneur Neil Utley 52, and his wife Narmali, 46, agreed a cash deal for the stunning seven-bed property in Hertfordshire

• 22:00, 15 Mar 2014
• Updated 11:02, 16 Mar 2014

One of Britain’s most ­successful tycoons has bought David and Victoria Beckham’s country ­mansion for £11.3million, writes Patrick Hill in the Sunday People.

Charismatic millionaire Neil Utley, 52, and his wife Narmali, 46, agreed a cash deal for the stunning property dubbed Beckingham Palace and its sprawling 17-acre super-estate.

The thrilled couple, who ­married in August 2010, plan to make very few changes to the unique, seven-bed home in Hertfordshire.

It comes with a second ­property – nicknamed mini-Beckingham Palace in the grounds.

There is a woodland ­chapel, fake ancient ruins forming a ­playground, gardens including a Capability Brown-style maze, barbecue area and ­professionally tended football pitch.

The house, a former children’s home, boasts a recording studio, an indoor swimming pool, a snooker room and a gym.

Entrepreneur Mr Utley was listed at number 462 in the 2012 Sunday Times Rich List.

He made his fortune in insurance but has a number of other business interests in the UK.

In 2006 he pocketed £13million after helping sell Equity Insurance Group, then Britain’s fifth-largest motor insurer, for a £140million profit 18 months after he and partners privatised it.

Last November he cashed in to the tune of £135million after Hastings Insurance was sold to Goldman Sachs.

He was the ­majority shareholder in Hastings and had helped transform it from a failing business.

Mr Utley also has an eye for a property deal.

In August 2012 he rescued an abandoned house covered in ivy in Chelmsford, Essex.

After cleaning it up he sold the property for £350,000 – three times its previous value.

He said at the time: “The ivy was so thick I could not even see the house, just its shape. There was as much ivy on the inside.

“There was so much of the stuff we are using it in all our Christmas decorations.”

Mr Utley owns a golf course, a fleet of sports cars, a yacht and a Harley-Davidson motorbike.

The keen amateur guitarist also set up his own record label that supports up-and-coming ­musicians and bands.

Friends know him as a fun-loving character with a good sense of humour.

In 2005 he went to an insurance industry gala at the Savoy Hotel in London wearing a fake muscleman outfit. He said: “The theme was Gibraltar so I went as The Rock – from WWE wrestling.”

Soccer legend David, 38, and former Spice Girl Victoria, 39, raised three of their four children at the Hertfordshire home after buying it for £2.5million three months after their wedding in 1999.

The A-list couple – who have boys Brooklyn, 15, Romeo, 11, and Cruz, nine, as well as daughter Harper, two – agreed the sale of the property, formerly known as Rowneybury House, shortly ­before Christmas.

Its new owners have been there about a month.

The Beckhams had been trying to sell for nearly four years after finding themselves spending very little time there following their move to the US in 2007.

But finding a buyer took time because they were determined not to sell to a developer, who they feared would cash in on their fame and divide the house up into luxury apartments.

The deal was agreed on the understanding that the Utleys must keep the house as a private family home.

Shortly before they moved out, the celebrity couple held a s­pectacular one-off charity ­auction of items from the home, including furniture and kitchen appliances.

The family have now moved into a four-storey £40million town house in upper-crust Kensington, West London.

Mr Utley did not wish to comment yesterday.

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Simon English: One in the eye for Utley as Battle of Hastings threatens to turn really nasty

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Outlook Grateful recipients of Neil Utley's family Christmas card were charmed as usual. Here's a picture of the insurance tycoon with his family. Here's one of him on a yacht. Here's one one of him outside a mansion. Here's one of him with his lovely wife. Here's one of his three sports cars. Seasonal salutations! Look at how rich I am!

Just how many pictures are there of Mr Utley in this delightful card? "Too many for me to count," concedes an innumerate receiver. "Over the amount of fingers on two hands."

But how restful was Mr Utley's festive holiday? For one thing he had been looking to float Hastings Direct, the car insurer where he is chairman, perhaps at the start of this year. Advisers were appointed many months ago and January was "pencilled in" for the deal, said reports. His PR people say this was never confirmed by them. Bankers do confirm it, so you can choose which bunch of undesirables to believe.

Mr Utley made a bomb when he took the home and motor insurer Equity Red Star private and then later flogged it to Insurance Australia Group. He stepped down from IAG by "mutual consent".

Last week Equity was censured by Lloyd's of London, the first time it has done such a thing to a member in a decade, for "detrimental conduct". It hadn't kept sufficient reserves to pay claims, said the regulators, and had to pay £95,000 to cover the costs of the investigation.

Mr Utley and two others are due to talk to Lloyd's again as part of a "dialogue" about what went wrong. Lloyds could fine the three men or even prevent them from working in the market ever again if they are guilty of misconduct.

He's innocent until proven otherwise, of course, and we wish him all the best.

Back to Hastings, which has mooted a valuation of about £500m in a float. At that price, Mr Utley himself would net about £150m – next year's calender could be even more glossy.

Among at least some bankers there is, shall we say, some scepticism that Hastings is worth that much.

Back in October 2010 Hastings issued a statement announcing that it is "Marching Forward". It had returned to profits of £9m after several years of losses. Hastings was fully turned around. By October 2011, it was boasting of EBITDA profits of £27 million. The stock market would be a fine place for such a firm.

However, it is hard for Mr Utley to make the case just now while the Lloyds issue rumbles on.

Unless this matter is fully resolved, it's safe to assume that the Hastings float is on hold.

The PR folk say it would be anyway, given market conditions and the lack of City appetite for new issues just now. That's far from the only uncertainty facing this business.

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David Beckham and Posh Sell Beckingham Palace to Insurance Man

David and Victoria Beckham have sold the Hertfordshire mansion their kids called home to insurance tycoon Neil Utley for £11 million. Utley, chairman of the Hastings Insurance Group, was banned from working in the Lloyds market for two years recently after admitting "detrimental conduct" at a tribunal.

The Beckhams bought the property – dubbed "Beckingham Palace" – soon after their 1999 wedding. Their sons Brooklyn, Romeo and Cruz were brought up there until the family relocated to Spain and then Los Angeles when David transferred to Real Madrid then LA Galaxy. The Beckhams retained the property and returned briefly after David's football career ended last year.

A former children's home, Beckingham Palace has seven bedrooms, a gym, a professionally maintained football pitch, snooker room and " Capability Brown "-style maze, along with an indoor swimming pool. It also contains a second house known as "Mini-Beckingham Palace".

The Beckhams sold the mansion to Utley to help fund their purchase of a £40 million property in London's Kensington. Family friend Gordon Ramsey is believed to have been asked to design the five-star kitchen in the new property. Beckham and Ramsey are also opening the Union Café restaurant in Borough .

New owner Neil Utley is named at 462 on the Sunday Times rich list (2012). A keen amateur guitarist, Utley owns a record label and supports up-and-coming bands. He also owns a golf course, yacht and Harley-Davidson. Utley transformed the ailing Hastings group, becoming majority shareholder and selling it to Goldman Sachs, making a reported profit of £135 million. In 2006 he helped sell Equity Insurance Group, receiving a personal total of £13 million.

Last year Utley had to pay £130,000 fine when a tribunal ruled he had failed to take reasonable steps to ensure sufficient financial systems and controls over personal injury claims. Whether the injury Beckham received from a flying boot at the end of his Manchester United career was covered by personal injury insurance is unclear.

David Beckham will appear in an Only Fools and Horses spoof along with David Jason and Nicholas Lyndhurst as part of this year's Sport Relief on Friday 21 March.

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Car insurance tycoon who bought 'Beckingham Palace' set for a £70m windfall from buyout of  Hastings

By Lucy White For The Daily Mail

Updated: 04:22 EDT, 6 August 2020

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£70m windfall: Hastings insurance boss Neil Utley

Insurance tycoon Neil Utley is set to rake more than £70million as investors prepare to buy Hastings.

Finnish financial conglomerate Sampo and South African investment firm Rand Merchant Investment Holdings have launched a £1.7billion bid for the motor insurer, which has the board's approval. 

Former DJ Utley, who is worth £194million according to the Sunday Times Rich List, stands to bag £73.3million if he sells his 29.3m shares in Hastings for the offer price of 250p per share. 

The 58-year-old helped to revive Hastings in 2009, when he took a major stake through a management buyout and became its chairman.

He has already made millions, pocketing £135million after 50 per cent was sold to Goldman Sachs in 2013. 

He put the money to work, buying David and Victoria Beckham's 'Beckingham Palace' mansion in 2014 for £11.5million. 

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And when Hastings listed on the London Stock Exchange in 2015, Utley raked in another £2.8million. Since then he has gradually sold down his shares.

Gary Hoffman, the chairman of the Premier League and digital bank Monzo, will land a payday of around £15million from the deal. 

He became chief executive in 2012 to see it through its stock market float, later becoming chairman, then stepping down this year.

His fellow shareholders – David Saville, Richard Brewster, Thomas Duggan and Ian Donald – who also backed the management buyout, stand to scoop millions.

For other investors, the opportunity to sell shares for 250p may come as a relief.

The shares were around 182p before the deal was announced – barely higher than the 170p they floated at in 2015. 

Hastings was founded in Bexhill-on-Sea, East Sussex, by David Gundlach and Andrew Bowen.

In its half-year results yesterday, profits rose during the pandemic, as lockdown meant cars were parked on driveways leading to fewer accidents.

It made a profit before tax of £63.5million in the first six months of 2020, compared to £46.1million over the same time last year.

Sampo and Rand's swoop on Hastings is the latest involving big-name private investors snapping up beleaguered British firms.

This week, roadside breakdown firm the AA said three sets of US private equity firms were circling it.

And Casual Dining Group, the owner of Bella Italia and Cafe Rouge, has been bought by private equity firm Epiris.

One investment banker told the Mail that he was seeing a flurry of activity as foreign investors hunt post-lockdown bargains.

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Motor insurer Hastings gets flotation over the line - at a cheaper price

Volatile stock market conditions force advisers to company, which once might have been worth £1.4bn, to launch at 170p a share – valuing it at £1.1bn

Hastings, the motor insurer founded by insurance tycoon Neil Utley, has priced its flotation at 170p a share, valuing the group at £1.1bn.

Its shares will begin trading conditionally on Monday morning.

The 170p price is below the original range for the float of between 180-220p as the group suffered from nervousness in the stock markets.

Wall Street bank Goldman Sachs and founder Neil Utley are both big sellers in the deal, with Goldman set to make more than three times the value of its original investment. The adviser to the deal will feel they have done well, given that three other deals around the globe have had to be pulled this week, with those working on the deals citing adverse market conditions.

PwC said earlier this week that would-be IPO investors have been “spooked” by fears of slowing growth in China, which has had knock-on effects on broader markets. Goldman Sachs was dealt a blow earlier this week when a construction firm it part-owned, Xella, had to pull its fl‎otation due to market conditions.

Utley, who founded the group, has a 15% stake which he will part-sell in the flotation. He is a flamboyant insurance entrepreneur who was censured by the Lloyd’s insurance market‎ in 2013. He is stepping down from the board as part of the float.

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Utley positions himself for new disciplines

Golf is not yet an Olympic sport, but one man will be well prepared if and when it is.

Insurance tycoon Neil Utley is leading a consortium which has just bought a members-only golf club, two further nine-hole pay-and-play golf courses and a holiday lodge venue near Maldon in Essex out of administration. Utley owns Warren Golf Club, a par 70 course measuring 6263 yards off the championship tee and Herbage Park holiday venue, with 30 pine-clad family holiday lodges set. A number of bidders offered more than the guide price of £4 million. The sale will probably put agents Christie + Co on Utley’s Christmas card list. A mixed blessing, however, as the modest serial entrepreneur tends to adorn his festive season’s greeting with images of his yacht, his mansion, his sports cars… oh, and his family as well.

* Tim Mason, the chief executive of Tesco’s loss-making US business, Fresh & Easy, would appear to have future career aspirations as an Olympics pundit after he eventually hangs up his grocery boots.

At least this is one possible conclusion to be drawn from the prodigious amount of tweeting which Mason — also deputy group chief executive of Tesco — has been doing during the Games. Evidently at the show jumping in Greenwich, the veteran grocer tweeted 17 times on Wednesday, including such gems as, “France gone clear”, and, “now cloudy 13 gone only 2 clear now Pessoa to go”. Ignoring the fact that such comments suggest both Mason’s punditry and grammar need polishing, a tweet last month from the US had the Tesco executive on more familiar territory. He said: “Had the Fresh and Easy meal idea Tikka chicken curry at the weekend. It was great Friday night curry on a Saturday but hey when in LA!!!!”

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Goldman Poised To Win Battle For Hastings

The Wall Street bank is in talks about a deal that would value the motor insurer at about £600m, Sky News has learnt.

By Mark Kleinman, City Editor

Thursday 29 August 2013 10:24, UK

An arm of Goldman Sachs, the Wall Street banking giant, is in advanced talks about taking control of a major stake in Hastings, one of Britain's biggest car insurance providers.

Sky News has learnt that one of Goldman's private equity funds has entered exclusive negotiations in recent days about buying a minority shareholding in the Sussex-based insurer.

People close to the discussions said that the US bank's GS Capital Partners operation was likely to invest around £150m for the stake.

Hastings' board is also finalising plans to raise more than £400m through a new bond that will enable the company's shareholders to realise part of their investments.

Doing so will realise a multimillion pound windfall for Neil Utley, Hastings' chairman, who owns a substantial stake in the business, although he is understood to be planning to retain part of his shareholding after the deal is completed.

Goldman's private equity arm, which in the past has owned stakes in companies including Burger King, the fast food chain, is understood to have been granted an exclusivity period lasting several weeks.

Its desire to secure a deal valuing Hastings at about £600m is interesting because it comes at a time when many of the world's biggest banks are retrenching from principal investment activities because of increasingly onerous capital requirements.

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Goldman itself is attempting to offload Rothesay Life, a pensions buyout firm it set up several years ago, because of the new capital rules.

Sky News revealed Hastings' plans to sell a minority stake earlier this year, since when the company's advisers have held talks with a large number of private equity firms, including Advent International, BC Partners and Bridgepoint.

Hastings is focused expansion strategy following an acceleration in earnings before interest, tax, depreciation and amortisation (EBITDA) to roughly £70m last year.

The company has around one million customers, and Gary Hoffman, who joined 12 months ago as group chief executive, has stated a target of trebling that number by 2020.

Mr Hoffman led the turnaround of Northern Rock during its period in Government ownership following the run on the mortgage lender in the autumn of 2007 which heralded the start of Britain’s banking crisis.

He then spent two years as chief executive of NBNK Investments, a vehicle set up to acquire retail banking assets, but which was rebuffed in favour of the Co-operative Group in the contest to buy 632 branches from Lloyds Banking Group. That deal collapsed amid the capital crisis at the Co-Op earlier this year.

Based in Bexhill, East Sussex, Hastings employs more than 1400 people, over 80pc of whom are understood to be shareholders in the company. It is chaired by Neil Utley, the entrepreneur who led a management buyout several years ago.

Insiders cautioned, however, that no decision had been reached about any new investor being brought in and that Hastings’ board could decide against a sale.

Hastings' valuation from a deal has been buoyed by the successful recent flotation on the London Stock Exchange of Direct Line Group, although Esure has seen its shares slide since listing.

Mr Hoffman’s arrival last year triggered suggestions that Hastings would also look to go public, but the company has no plans to do so. Acquired by Insurance Australia Group in 2006, Hastings changed hands again in 2009 when it was subject to Mr Utley's management buyout.

Evercore and Peel Hunt have been advising the company on the talks about a stake sale, while Credit Suisse and JP Morgan have been overseeing the bond issue.

In a statement earlier this year, a Hastings spokeswoman said: “Hastings is a fast growing, successful general insurance business. We have exciting plans to continue with this growth.

"As part of their next phase of development the existing shareholders are exploring the possibility of introducing new private investors to share in the further growth of the business, and allowing the management team to focus on delivering its plan. However, as they are confident about the future success of the business, Neil Utley and the other shareholders will retain a significant shareholding.

"There is no certainty that a transaction will follow and the existing shareholders continue to keep all options open. Hastings is a privately owned company and, under this plan, would remain so."

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Beckingham Palace sells to insurance tycoon for 11.5 million - 17/03/14

Beckingham Palace sells to insurance tycoon for 11.5 million

The mystery buyer of Posh and Becks Hertfordshire estate has been unveiled as disgraced multi-millionaire Neil Utley.

The former insurance tycoon has shelled out a whopping £11.5 million for the home the Beckham's fondly named Beckingham Palace shortly after they moved to the 12-acre estate in 1999.

The 52 year old was a former Chief Executive of IAG UK the parent company of Equity Red Star before he stepped down in 2010 and was banned from working in the Lloyds market for two years.

 Mr Utley admitted to 'detrimental conduct' during his time at Equity and was forced to pay £130 ,000 in tribunal costs. According to the Mail Online, the hearing found he had failed to take 'reasonable steps to ensure that there were sufficient financial systems and controls over personal injury claims.'

Current Chairman of Hastings Direct, Mr Utley is also reported to have snapped up an Aston Martin and two Jaguars as part of the mammoth deal with the Beckhams ' although the insurance mogul was unavailable to comment personally.

Mr and Mrs Beckham themselves are sure to miss their sprawling country pad, all three young Beckham boys spent time in Hertfordshire growing up before jetting off to live in Spain and then Los Angeles.

It is understood that Mr Utley sealed the deal on the multi million pound home and moved in last month.  The prestigious property boasts an indoor swimming pool, recording studio, professional style football pitch not to mention a woodland chapel and maze for the kids.

As the Beckham's themselves are believed to have splashed out a cool £45 million on a plush Kensington mansion, the retired footballer is expected to spend more time in central London with his family and new business partner, Chef, Gordon Ramsay.

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Percayso Inform completes new fundraise led by industry veteran Neil Utley

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27th July 2023 – Today we announced a second major investment in our fast-growing business with a £2.7M fundraise led by industry veteran, Neil Utley, and our existing venture capital investor, Praetura Ventures.

Since its launch in the UK insurance market three years ago, a growing number of insurers, brokers and MGAs in both personal and commercial lines have partnered with Percayso to take advantage of its smart solutions to turn insurance data into intelligence, insight and outcomes. Its 65-strong client base now includes Ageas, Covea, Direct Line, Markerstudy, Somerset Bridge, The AA and many more.

Following the investment led by Praetura Ventures in March last year , Percayso extended its proposition to deliver a full quote intelligence suite. Its technology aggregates data from many different sources, allowing intelligence to be accessed with a simple API call at significant volume, while its platform and advanced tech allows insurance providers to take control of their own strategies and deployment by enabling rules and models to be used in their own environments via a SaaS model.

And in a transformational deal for the business this year, it also acquired Cazana – now branded Percayso Vehicle Intelligence – marking a major step forward in its plans to increase its footprint across the UK motor insurance market.

Rich Tomlinson, Managing Director at Percayso, said: “We’re delighted to welcome Neil as an investor. He has a breadth of experience and knowledge to share from his 30 plus years of working in our industry at the highest level. In particular, his expertise in the motor insurance market will be invaluable in helping us to achieve our ambitions for Percayso Vehicle Intelligence. And we’re hugely proud that Praetura Ventures are continuing to support us. We’ve forged a fantastic relationship and in particular, I’d like to offer special thanks to Guy Weaver from their team who played a critical role in the Cazana acquisition.

“As we look ahead, we believe that Percayso Inform will play a key role in helping insurance providers of all shapes and sizes to get more out of the wealth of data available to enable them to write better business. The combined skills and experience that Neil and Praetura Ventures bring to our business will undoubtedly help us to accelerate our growth plans.”

Utley was chairman at Hastings where he led the management buyout from Insurance Australia Group in 2009, and led the insurer through its initial public offering in 2015. Prior to this, he held CEO roles with Privilege Insurance and Cox Insurance Group.

Commenting on his decision to invest in Percayso, he said: “Rich and his team are building one of the most exciting businesses to have emerged in our industry in many years. UK insurance providers have been crying out for a flexible, scalable and easy to integrate data intelligence solution. I’m incredibly impressed with all that Percayso has achieved so far and look forward to helping the team take the business to the next level.”

David Foreman, managing director at Praetura Ventures, added: “Our relationship with Percayso has gone from strength to strength over the past 16 months, and our team have been impressed with the progress that Percayso has made in such a short space of time. We will be continuing with our More Than Money support and couldn’t be more excited about the road ahead.”

Peel Hunt advised Percayso on the fund raise and the legal team at Knights acted for Percayso. The Praetura Ventures team were advised by the legal team at Irwin Mitchell.

For more information or to arrange a chat with Richard Tomlinson, MD, please contact Lesley Bennett at LMR Communications on +44 (0)7815 778038 or email [email protected].

About Praetura Ventures

Praetura Ventures is a Manchester-based venture capital firm which invests in early-stage, high-growth businesses across the UK, with a particular focus on supporting entrepreneurs across the North of England.

Praetura Ventures is committed to adding value post-investment and providing the ‘more than money’ support that businesses need to grow, including additional expertise, resources,  networks and guidance, to its investee companies.

Since 2019,  Praetura Ventures has invested more than £20m in 21 businesses, including North West headquartered businesses Sorted, Culture Shift, LCC and Peak.

The firm also launched a Venture Partner programme – an innovative and collaborative programme that is aimed at experienced,  connected and successful individuals who have a desire to add value and potentially provide mentorship, advice, introductions and investment to the next generation of entrepreneurs. In just a few months, the firm has grown its Venture Partner base to 50+ members, typically C-suite level individuals.

Learn more at praeturaventures.com and LinkedIn

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Hastings' chairman Neil Utley worth £160m in Rich List

By Newsdesk 2012-04-30T10:13:00+01:00

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Hastings’ chairman Neil Utley is 462 on Sunday Times Rich List but Admiral boss Engelhardt leads the pack

Hastings’ chairman Neil Utley is worth a cool £160m, according to the Sunday Times Rich List.

Utley made £13m from the sale of Equity Insurance in 2006 and then snapped up Hastings for £24m. A planned £500m float would considerably boost his wealth, the Rich List says.

He was put in the shade though by Admiral founder Henry Engelhardt who led the Rich List with a net worth of £528m. Esure founder Peter Wood closely followed behind with a net worth of £500m.

Towergate founder Peter Cullum is not far behind the duo, clocking in with a net worth of £450m.

Other notable names included:

• Former Swinton owners Brian Scowcroft and Janet Lefton, now in property, valued at £160m. They made £150m from the Swinton sale.
• BGL founder Douw Steyne, £420m
• David and Heather Stevens, Admiral, £137m
• Clive Cowdery, Resolution, £120m
• Andrew Goodsell, Acromas, £120m
• John Charman, Lloyd’s, £102m
• Angus Ball, Sabre, £95m
• Grahame Chilton, Aon Benfield, £95m,
• Keith Morris, Sabre, £95m
• Hayley Parsons, GoCompare, £95m

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After a successful career in banking and insurance, Neil established the Utley Family Charitable Trust to channel his energy and resources and make a difference to the causes that matter to him and his family.

He has ensured the Utley Foundation is a pioneering financier in the area of music and dementia in particular; funding grassroots organisations that work directly with people living with dementia, alongside working to change the policy landscape and influence decisionmakers at the most senior level through the Utley Foundation’s Music for Dementia campaign.

More broadly, Neil has great respect for our armed forces veterans and is interested in innovative ways to provide ex-personnel with the support they may need when re-entering civilian life. He has also ensured children are a priority for the Foundation, supporting various projects that provide the skills and resilience children need to succeed, regardless of their background or personal circumstances.

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Percayso Inform succeeds with funding round

Percayso Inform has completed a £2.7m ($3.5m) funding round, led by industry veteran Neil Utley and existing investor Praetura Ventures.

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Since its launch in 2020, Percayso has partnered with a number of insurers, brokers, and MGAs. Its 65-strong clientele includes Ageas , Covea, Direct Line, Markerstudy, Somerset bridge, the AA , and more.

Following the investment from Praetura in March 2022, the insurtech extended its proposition to deliver a full quote intelligence suite. Its technology aggregates data from multiple sources, allowing intelligence to be accessed with a simple API call.

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Rich Tomlinson, managing director at Percayso, said: “We’re delighted to welcome Neil as an investor. He has a breadth of experience and knowledge to share from his 30 plus years of working in our industry at the highest level. In particular, his expertise in the motor insurance market will be invaluable in helping us to achieve our ambitions for Percayso Vehicle Intelligence. And we’re hugely proud that Praetura Ventures are continuing to support us. We’ve forged a fantastic relationship and in particular, I’d like to offer special thanks to Guy Weaver from their team who played a critical role in the Cazana acquisition.

“As we look ahead, we believe that Percayso Inform will play a key role in helping insurance providers of all shapes and sizes to get more out of the wealth of data available to enable them to write better business. The combined skills and experience that Neil and Praetura Ventures bring to our business will undoubtedly help us to accelerate our growth plans.”

Neil Utley was chairman at Hastings where he led the management buyout from Insurance Australia Group in 2009. He also led the insurer through its PO in 2015.

Utley commented: “Rich and his team are building one of the most exciting businesses to have emerged in our industry in many years. UK insurance providers have been crying out for a flexible, scalable and easy to integrate data intelligence solution. I’m incredibly impressed with all that Percayso has achieved so far and look forward to helping the team take the business to the next level.”

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Peel Hunt advised Percayso on the fundraise and the legal team at Knights acted for Percayso. Furthermore, Praetura Ventures were advised by the legal team at Irwin Mitchell.

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