Abu Dhabi invests in Qmetric

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The Abu Dhabi Investment Authority has taken a stake in Policy Expert owner Qmetric in two transactions, Post can reveal.

The authority, established in 1976, invests funds on behalf of the Abu Dhabi government. It made the purchase of the minority shareholding through its wholly-owned subsidiary Platinum Ivy B 2018 RSC.

Filings at Companies House showed that under a resolution dated 8 December 2020, Platinum agreed to buy sets of 78,123 class B shares and 17,553 B shares from shareholders.

Founded in 2010, Primary-backed tech-based UK insurer Qmetric launched home specialist Policy Expert in June 2011 and snapped up motor business Sure Thing in 2019 rebranding it the following year.

Among the share sellers were co-founder Qmetric chairman and CEO Tony Deacon, chief financial officer Paul Gildersleeves, managing director of underwriting David Prior and co-founder and chief operating officer Adam Powell.

A further resolution filing dated 29 March 2021 showed that Primary Group also signed up to sell 7,750 class A ordinary shares to Platinum Ivy.

Primary Group founder Philip James remains the majority owner of Qmetric with a stake of between 50 percent and 75 percent, according to Companies House.

A spokesperson for Primary Group said: “Qmetric will reach the milestone of one million live customers this year, and we are extremely proud of what the team has achieved. The tech platform Qmetric has built is both proprietary and smart.”

Adding: “This is an incredibly progressive business that continues to grow rapidly and profitably under the leadership of Tony Deacon and his team.

“We believe it is the UK’s leading insurtech business by some margin and ADIA’s interest and appetite to invest in the future of the business is greatly welcomed.”

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