Brightway Insurance has received a majority investment from GrowthCurve Capital to accelerate the Florida-based personal lines focused insurance franchisor’s growth, with former QBE executive Mark Cantin taking over as CEO.
Brightway said the partnership with GrowthCurve will allow it to continue its national expansion strategy and invest in its technology platform.
Brothers David and Michael Miller set up Brightway Insurance in 2008. It now has 331 franchises in 29 states, and manages nearly $900mn of annualized written premiums.
GrowthCurve is a private equity firm focused on building businesses by leveraging data, analytics and machine learning.
Under the new partnership, the Millers will continue to hold significant minority ownership of the company. Michael Miller will join David Miller on the board of directors, and they together will work with GrowthCurve in setting the strategic vision for Jacksonville-based Brightway.
New Brightway president and CEO Cantin (pictured in the centre) is GrowthCurve’s lead operating executive in insurance distribution.
He had been working closely with GrowthCurve over the last several months to identify high growth insurance distribution businesses that ultimately resulted in this partnership.
Prior to joining GrowthCurve, Cantin was a member of the executive committee and president of field operations at QBE North America. Before that, he was chief marketing officer at USI Insurance.
GrowthCurve was founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division.
JP Morgan Securities was financial advisor to Brightway on the transaction.