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Abu Dhabi fund sells stake in UK insurance company

By Pramod Kumar
Person, Desk, Furniture Unsplash.com/Jakub Żerdzicki
Policy Expert was founded in 2011 and serves more than 1.5 million customers in the UK across home and motor insurance

Abu Dhabi Investment Authority (Adia), the UAE’s largest sovereign wealth fund, has sold a 50 percent stake in the UK-based insurance technology company Policy Expert to private equity entity Cinven.

The stake will be purchased by Cinven’s strategic financials fund. No financial details were disclosed. The deal is subject to regulatory approvals and closing conditions.

Policy Expert was founded in 2011 and serves more than 1.5 million customers in the UK across home and motor insurance segments. The company plans to launch into pet insurance this year.

In November 2023, Adia purchased a majority stake in Policy Expert after holding a minority stake in the UK company since 2020.

Last month a consortium including Adia agreed to buy UK stock trading platform Hargreaves Lansdown for £5.4 billion ($6.9 billion).

The wealth fund’s subsidiary Platinum Ivy and private equity firms CVC and Nordic Capital will buy all Hargreaves Lansdown shares, which will delist once the sale is completed.

Adia is the world’s fourth-largest sovereign wealth fund, with $993 billion of assets under management, according to the Sovereign Wealth Fund Institute.

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