COMPLIANCE

Brightway Insurance Announces Majority Investment From GrowthCurve Capital To Accelerate Growth

GrowthCurve Capital | December 18, 2021

pie insurance News
Brightway Insurance, a leading personal lines focused insurance franchisor, announced today the completion of a majority investment from GrowthCurve Capital to accelerate the company's growth trajectory. The partnership with GrowthCurve will enable Brightway to continue its national expansion strategy and invest in its technology platform to further enhance its strong value proposition to customers, franchisees and carrier partners.

"On behalf of my brother David and I, we are thrilled to take the next step in our journey and partner with GrowthCurve Capital, Our goal has always been to ensure the company – and everyone associated with it – reaches its potential. We strongly believe that GrowthCurve is the right partner for Brightway to create a Win, Win, Win for franchisees, customers and team members, and take the business to the next level given the firm's unique model of combining functional expertise with deep investment and industry experience."

- Michael Miller, co-founder of Brightway Insurance.

Brothers David and Michael Miller invented the "you sell, we service" model in the insurance agency space and began franchising the concept as Brightway Insurance in 2008. Today, Brightway is the most-recognized insurance franchise system and one of the largest personal lines insurance agencies in the U.S. With more than 331 franchises in 29 states, the company manages nearly $900 million of annualized written premiums.

GrowthCurve Capital is a unique, control-oriented, private equity firm focused on building world-class businesses by leveraging data, analytics and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation.

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 together they will work closely with GrowthCurve in setting the strategic vision for Brightway to accelerate the company's growth.

Effective immediately, Mark Cantin, GrowthCurve's lead operating executive in insurance distribution, becomes the new president and CEO of Brightway Insurance. Cantin had been working closely with GrowthCurve over the last several months to identify high growth insurance distribution businesses that ultimately resulted in this partnership.

An industry veteran, Cantin brings more than 30 years of experience in both insurance distribution and underwriting to the position. Prior to joining GrowthCurve, Cantin was a member of the executive committee and president of field operations at QBE North America, a division of QBE Insurance Group, one of the 20 largest global insurance and reinsurance companies. Prior to joining QBE, Cantin was chief marketing officer at USI Insurance, one of the largest and fastest growing domestic brokers.

"We have been very impressed with what David, Michael and the Brightway team have built. The company pioneered the franchisor model in the insurance space and has generated attractive outcomes for its franchisees, customers and carrier partners, We seek to accelerate the company's growth trajectory by leveraging the company's rich data assets and our expertise in AI, data enablement and digital transformation to introduce new solutions and capabilities to our franchisees and customers and to scale the platform nationally."

- Sumit Rajpal, founder and CEO, GrowthCurve Capital.

About Brightway Insurance
Brightway Insurance is a national property/casualty insurance distribution company with nearly $900 million in annualized written premium, making it one of the largest personal lines agencies in the U.S. Brightway's focus is on producing Win, Win, Win outcomes for consumers by offering customized insurance solutions and for people wishing to sell insurance by providing business opportunities that span from single agent to multi-unit enterprises. Regardless of the path taken, Brightway provides the support necessary to consistently outsell other insurance agents.

About GrowthCurve Capital
GrowthCurve Capital is a private equity firm focused on building world-class businesses by leveraging data, analytics, and machine learning, combined with a comprehensive approach to human capital, to accelerate growth and drive value creation. Founded by Sumit Rajpal, former global co-head of the Goldman Sachs Merchant Banking Division, the firm focuses on control-oriented private equity investments primarily across the financial and information services, healthcare, and technology sectors.

Spotlight

In this episode of the Accenture Insurance Influencers podcast, InsureTech Connect’s Caribou Honig explains how insurtech is upending the customer experience; how data is enabling new risks, businesses and operating models—and why insurers should aspire to be dentists, not toothbrushes.


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