Correlation
Correlation is a London-based private investment partnership founded in 2004 that takes meaningful minority equity stakes in 13 insurance businesses globally, providing patient capital, underwriting expertise, and access to five international insurance licences across personal, commercial, and credit lines with 4.4M live policies and £915M written premiums.
- Company typePrivate
- Founded2004
- HeadquartersCity Of London, United Kingdom
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Correlation does
Correlation (legally Correlation Risk Partners) is a privately-held London-based investment partnership founded in 2004 that builds a portfolio of sought-after insurance businesses through long-term equity partnerships. The firm targets ambitious insurance entrepreneurs globally and takes meaningful minority stakes in businesses with proven commercial viability and strong leadership, supplying patient capital alongside underwriting capacity, strategic guidance, and access to five international insurance licences. Its current portfolio spans 13 partner companies generating £915M in written premiums across 4.4 million live policies, covering personal lines (pet, life, motor, home, cycle, travel), commercial lines (commercial motor liability), credit and mortgage insurance, and supporting insurance services.
The firm's offering model extends beyond capital: portfolio partners gain access to a multidisciplinary internal team of actuaries, underwriters, pricing specialists, brand and marketing experts, KYC specialists, and people development professionals, combined with global connections across the UK, Europe, Australia, and South Africa. Correlation maintains four offices — London (headquarters), Paris (EU regional office led by Clement Royo), Sydney (Australia), and Johannesburg (South Africa) — to source and support partners across its operating geographies. The company's revenue mechanics derive from equity participation in partner businesses rather than management fees on external capital, with returns realised through growth and eventual exits such as the April 2026 divestiture of Animal Friends Investments Ltd to Pinnacle Pet Group (JAB Holding-controlled) paired with a long-term partnership for European pet insurance expansion.
Correlation's go-to-market is sales-led and relationship-driven: rather than marketing campaigns, the firm relies on direct outreach and inbound interest from insurance entrepreneurs seeking a long-term partner. The technology layer is described as enabling underwriting capacity and strategic insights, with a dedicated pricing capability function and data analytics support, though the firm itself does not develop proprietary AI/ML models. Partners cited publicly include FreightInsure, Curium, AutoProtect Group, Granite, Biscuit, Haven Insurance, HomePro, 4Life, and a pet insurance cluster (Joii, Kozoo, Vet-AI, Waggel).
Correlation firmographics
Firmographics- Name
- Correlation
- Legal name
- Correlation Risk Partners
- Website
- https://correlation.com
- Company type
- Private
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Correlation is a London-based private investment partnership founded in 2004 that takes meaningful minority equity stakes in 13 insurance businesses globally, providing patient capital, underwriting expertise, and access to five international insurance licences across personal, commercial, and credit lines with 4.4M live policies and £915M written premiums.
- Ownership category
- akta.pro rank
Correlation industry classification
Industry- Product category
- Insurance Investment Partnerships
- NAICS
- Insurance Carriers and Related Activities (524), Insurance Agencies and Brokerages (524210), Direct Property and Casualty Insurance Carriers (524126)
- SIC
- Insurance Carriers, Nec (6399), Insurance Agents, Brokers & Service (6411)
- akta.pro primary industry
- Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)
- akta.pro secondary industries
- Reinsurance Brokerage (FSAEADAE), Commercial Lines P&C Reinsurance (FSAOABAB), Personal Lines P&C Reinsurance (FSAOABAA)
Keywords
Where Correlation is headquartered
LocationHeadquarters
- HQ city
- City Of London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices4 records
Markets served
Correlation business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Equity Investment Returns: Correlation generates returns through meaningful minority equity stakes in insurance entrepreneurs. They invest patient capital into the insurance ecosystem, providing not just funding but also underwriting capacity, strategic insights, and operational support. The long-term partnership model aims to create value through growth and eventual exit.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels3 records
Correlation product offering
Product offeringCore offering
Correlation is a private investment partnership that takes meaningful minority equity stakes in insurance businesses globally, pairing patient long-term capital with underwriting capacity, 5 international insurance licences, and embedded strategic, actuarial, financial, data, technology, and marketing advisory support to help founders scale their insurance companies. Its portfolio of 13 partners spans personal lines (pet, life, motor, home, cycle, travel), commercial lines, credit insurance, and insurance services, collectively covering 4.4M live policies and £915M in written premiums.
Product overview
Correlation is a strategic investment partner and holding company for insurance entrepreneurs, not a traditional product company. The company provides capital, underwriting expertise, strategic insights, and long-term growth support to insurance businesses across personal lines (pet, life, motor, home, cycle, travel), commercial lines, credit, and insurance services sectors. Their offering model consists of equity partnership and strategic support services, including access to 5 international insurance licences, financial and actuarial advisory, data and technology guidance, people development, and marketing support. Their portfolio comprises 38 partner companies including FreightInsure, Curium, AutoProtect Group, Granite, Biscuit, and various pet insurance providers, collectively covering 4.4 million live policies with £915 million written premiums.
Differentiator
Problem solved
Functional benefit
Products and services
- Insurance Investment Partnership Programme Long-term minority equity investment partnership offered to insurance founders globally, pairing patient capital with 5 international insurance licences, underwriting capacity, and embedded strategic, actuarial, financial, data, technology and marketing advisory. Designed for proven, commercially viable insurance businesses across personal lines, commercial lines, credit and insurance services.
Companies that use Correlation
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles1 record
Correlation technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Correlation partnerships and signals
Strategic signalPartnerships
15 partnerships are on record, tiered minor and core.
- Pinnacle Pet GroupminorPinnacle Pet Group, a pan-European pet insurance provider controlled by JAB Holding Company, will acquire Animal Friends Investments Ltd from Correlation One Holdings Ltd. As part of the transaction, PPG and Correlation will form a long-term partnership to drive growth and innovation in pet insurance, with plans to expand across the U.K. and into new European markets.
- Animal Friends Insurance Services LtdminorU.K.-based pet insurance provider that was owned by Correlation One Holdings Ltd. Specialist insurance intermediary with over 400 employees, a 25-year track record, and currently insures more than 1.1 million cats, dogs, and horses.
- BiscuitcoreInsurance partner company operating in the personal lines market. One of 13 insurance partners globally backed by Correlation with access to capital, strategy, and underwriting support.
- JoiicorePet insurance partner company backed by Correlation providing pet insurance products in the personal lines segment.
- KozoocorePet insurance partner company backed by Correlation in the personal lines market.
- Vet-AIcorePet insurance partner with technology differentiation backed by Correlation.
- WaggelcorePet insurance partner company in Correlation's portfolio serving the UK market.
- 4LifecoreLife insurance partner in Correlation's personal lines portfolio.
- Auto ProtectcoreMotor insurance partner backed by Correlation providing auto protection products.
- FreightInsurecoreFreight insurance partner operating in commercial lines, supported by Correlation's investment and expertise.
- CuriumcoreInsurance partner in Correlation's portfolio, described as having achieved success with Correlation's support.
- Granite FinancecoreCredit insurance partner providing financing-related insurance products backed by Correlation.
- Granite UnderwritingcoreInsurance underwriting partner in the credit and commercial lines segment.
- Haven InsurancecoreInsurance partner providing home and property coverage in the personal lines segment.
- HomeProcoreHome insurance partner in Correlation's commercial lines portfolio.
Scale indicators6 records
Recent moves6 records
Expansion highlights6 records
Correlation competitors and assessment
Company assessmentBroad incumbents
- Warburg Pincus: Large global PE firm with a long history of insurance and insurance services investments. Less specialist than Correlation but operates in adjacent territory with longer-duration capital pools.
- Bain Capital: Global alternative asset manager with insurance sector investments and operating-partner support capabilities — broader in scope than Correlation but comparable in deploying capital alongside management teams in financial services.
- TPG Capital: Major alternative asset manager with insurance and financial services exposure across funds — broader and larger than Correlation but competes for similar founder-led insurance opportunities.
- Hg (Hg Capital): European PE firm with insurance and financial-services software investments and a track record of supporting founder-led businesses — comparable in approach to underwriting and operational value-add in regulated industries.
Direct peers
- Sun Capital Partners: Middle-market PE firm that takes meaningful minority/control stakes in insurance and consumer-services businesses — comparable to Correlation in deal size, founder partnership orientation, and operating support model.
- Stone Point Capital: Private equity firm specialising in financial services including insurance, providing capital and strategic support to mid-market companies — closely comparable to Correlation's minority-stake, partnership-driven approach.
- Aquiline Capital Partners: US-based private equity firm focused exclusively on financial services and insurance businesses, providing capital and operational support — the closest direct peer to Correlation's insurance-focused investment partnership model.
- Madison Dearborn Partners: Chicago-based PE firm with deep insurance sector expertise and a track record of partnering with founder-led insurance businesses — comparable to Correlation in providing patient capital and strategic support to insurance entrepreneurs.
- JAB Holding Company: Global investment firm with significant pet insurance and insurance-services exposure (including Pinnacle Pet Group which just acquired Animal Friends from Correlation). JAB's insurance investing model and pet insurance focus make it a strong comparability benchmark.
Emerging players
- Many Pets (formerly Bought By Many): Direct pet insurance operator that competes with several Correlation portfolio companies (Biscuit, Joii, Kozoo, Waggel) in the UK/EU market — relevant as a competitor to the largest cluster in Correlation's portfolio.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Correlation social profiles
Digital presenceCorrelation financial estimates
Financial estimateRevenue estimate
Valuation estimate
Correlation leadership team
Management profileNumber of profiles
Profiles16 records
Correlation funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Correlation M&A and investment
M&A and investmentM&A1 record
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Correlation
What does Correlation do?
Correlation is a private investment partnership that takes meaningful minority equity stakes in insurance businesses globally, pairing patient long-term capital with underwriting capacity, 5 international insurance licences, and embedded strategic, actuarial, financial, data, technology, and marketing advisory support to help founders scale their insurance companies. Its portfolio of 13 partners spans personal lines (pet, life, motor, home, cycle, travel), commercial lines, credit insurance, and insurance services, collectively covering 4.4M live policies and £915M in written premiums.
Is Correlation a public or private company?
Correlation is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Correlation founded?
Correlation was founded in 2004. It employs 1 to 10 people.
Where is Correlation based?
Correlation is headquartered in City Of London, United Kingdom, in the Europe region.
How does Correlation make money?
One revenue line is on record: equity Investment Returns.
Who are Correlation's main competitors?
Broad incumbents on record are Warburg Pincus, Bain Capital, TPG Capital and Hg (Hg Capital). Direct peers are Sun Capital Partners, Stone Point Capital, Aquiline Capital Partners, Madison Dearborn Partners and JAB Holding Company. Many Pets (formerly Bought By Many) is listed as an emerging player.
Does Correlation have an API?
No public API is recorded for Correlation.
What industry is Correlation in?
Correlation's product category is Insurance Investment Partnerships. Its primary akta.pro industry code is FSAAALAG, Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure), with a secondary code of FSAEADAE, Reinsurance Brokerage. Its NAICS code is 524 and its SIC code is 6399.