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XS Direct Group (“XS Direct”) secures €5m funding from BMS Finance and will re-enter Irish motor insurance market on June 1st.

The specialist Motor Insurance provider XS Direct has secured €5Million funding from BMS Finance, which will enable the insurance intermediary to continue on its strong growth trajectory.

XS Direct is an innovative Dublin-based specialist personal lines motor insurance operation encompassing an underwriting agency that focuses on selling policies with a high excess (deductible) level. It targets customers who are willing to accept a high excess in return for lower premiums. XS Direct was founded in 2004 by Chris McCann who has extensive corporate finance and risk experience. The operation has enjoyed significant growth, most notably since its launch into the UK market in 2009 and is forecasting to write approximately €100m worth of premiums in 2016, employing 55 employees in its Dublin headquarters. It currently operates exclusively in the UK motor insurance market, but is now expected to re-enter the Irish market which has seen significant premium growth over the past 2 years.

BMS Finance, the specialist provider of debt finance to small and medium-sized, privately owned companies, is pleased to announce completion of its third and largest deal in the Republic of Ireland since the launch of its dedicated Irish fund. The fund, BMS Finance Ireland, provides debt finance to high-growth Irish SMEs for working capital, contract wins, capital expenditure, acquisitions and MBOs. BMS Finance Ireland is backed by a number of investors including the Ireland Strategic Investment Fund.

The Investment enables XS Direct to take a strategic stake in a newly formed UK insurance platform, Eridge Underwriting, allocate further resources to its internal data science and financial technology operations, and restructure its capital base.

Speaking at the announcement, Chris McCann, Founder and CEO of XS Direct said, “We are very excited with the BMS Finance investment in XS Direct Group and all that it facilitates. That BMS Finance is committed to supporting our business long term through this facility is further evidence of our successful business model and the capability of all our team.”

Shane Lanigan, Director at BMS Finance added, “We have been particularly impressed with the ability of the management team at XS Direct to acquire substantial market share and grow profitably in the competitive UK motor insurance market. Financial Services represents one of our core industry sectors and we are now pleased to have completed transactions from our dedicated Irish fund in all of our three core sectors following previous media and tech related investments."

FinRes, the corporate finance firm founded by insurance actuary, John M Hannon, advised XS Direct in relation to the BMS Finance investment. John Hannon commented, "It is tremendous to see XS Direct developing its strategy with support from BMS Finance and we wish them every success in the future and will continue to explore further expansion options with XS Direct".

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