Policymaster - Software 1996 MBO

Founder leads Policy Master management buy-out from General Accident and Norwich Union

Stephen Verrall, aged 37, who founded the software house Policy Master in 1984, has regained control of the company from its institutional shareholders. The management buy-out was backed by Gresham Trust, the investment capital house, with debt finance provided by the Bank of Scotland (Birmingham).

Stephen Verrall has developed Policy Master, based at Sutton Coldfield, into a leading computer software designer and supplier for the insurance industry. It produces complete software solutions for insurance brokers and underwriters serving over 1000 clients in 50 countries.

Stephen Verrall says, "The time is right for the company to go solo. With our products, our staff, and our user base, we have the strength to operate independently."

Policy Master’s client base includes some of the biggest businesses in the insurance sector including AIG, Commercial Union, Royal & Sun Alliance, General Accident, and Eagle Star. The financial services provider Lloyds TSB is the biggest user of the company’s direct marketing software.

Ryan Robson of Gresham Trust becomes a non-executive director of Policy Master. He says, "We are backing an experienced management team which has developed a strong business with excellent potential for further profitable expansion."

The management team was advised by Ken Tuck and Andrew Griffin of Ernst and Young (Birmingham) and Mike Seabrook and Graham Spalding of Eversheds in Birmingham. Gresham Trust was advised by Fabrizio Carpanini and William Sharpe of Berwin Leighton. The Bank of Scotland team included Ian Howie and was advised by Martineau Johnson.