Investors will announce the name of the new provider later in the year and believe there is a gap in the market for a digitally-enabled business that is distributed through advisers.
Daniel Pender (pictured right), former executive director at Prudential and UK life chief financial officer at Zurich, will act as the company’s chief executive officer.
Simon Davis (pictured left), former chief risk officer at Guardian and corporate services director at Admin Re, will be the chief operating officer.
Advised by Craven Street Capital Limited, Gryphon Group Holdings has raised the funding required from investors Leadenhall Capital Partners and Punter Southall Group.
Dan Knipe, life portfolio manager at Leadenhall Capital Partners, said: “Life protection is an area where good customer outcomes are vital, making a service-focused challenger an exciting proposition. We see strong growth potential for the business as the management team have a deep commitment to their vision and bring significant industry and technology expertise to make it a success.”
Jonathan Punter, CEO of Punter Southall Group, said: “We already know there is a significant protection gap in the UK. This translates into a great opportunity for an insurance company that can solve the issues of customer trust and adviser experience. This company, with its new approach, will be well placed to meet these challenges head on.”
Commenting on the launch, Pender added: “We are creating what we think protection should look like in today’s digital age. Technology has moved on remarkably and our ambition is to embrace that, bringing an intuitive customer offer and adviser experience to market. This will give certainty to advisers when recommending our products and enable families to feel confident that we can offer the insurance that they need.”