Company Overview: With headquarters in the United Kingdom, Zego is an insurtech company that began its founding in the year 2016 and focuses on providing business and self-employed individuals with flexible and affordable insurance solutions. Zego became the first insurtech unicorn in UK in 2021 and was most recently valued at $1.1 billion after a successful Series C funding round. The company has been able to diversify its product lines and increase its geographical coverage which enables it to compete as one of the top on-demand insurance providers.
Detailed Financial Table
| Category | Details |
|---|---|
| Net Worth | $1.1 billion (as of 2021) |
| Total Assets | £200 million (2023) |
| Liabilities | £180 million (2023) |
| Holdings by Category | |
| – Type of Security | Equity, Venture Capital, Reinsurance Partnerships |
| – Industry Sector | Insurtech, Technology, Financial Services |
| – Geographic Region | Predominantly United Kingdom, Europe |
| – Credit Quality | High-risk, high-growth potential |
| – Maturity | Long-term investments |
| Audited Financial Statements | Summary of top 50 holdings available in the annual report (refer to page 35 of the 2022 Annual Report) |
| Condensed Financial Statements | Includes Balance Sheet, Income Statement, and Cash Flow Statement |
| Fund Returns | |
| – 1-Year Return | N/A (Startup phase) |
| – 5-Year Return | N/A (Startup phase) |
| – 10-Year Return | N/A (Startup phase) |
| Management’s Discussion | Impressive growth has been experienced in the company due to the creation of new insurance solutions and entering partnerships. On the other hand, operational costs and entering new markets for Zego also come with challenges. |
| Top Officials | |
| – Sten Saar (Co-Founder & CEO) | Net Worth: £100 million. Tenure: 7 years. Background in entrepreneurship and insurance innovation. |
| – Harry Franks (Co-Founder & CGO) | Net Worth: £50 million. Tenure: 7 years. Experience in growth strategy and business development. |
| – Vicky Wills (CTO) | Net Worth: £10 million. Tenure: 4 years. Expertise in technology and product development. |
| Director Remuneration | £2.8 million in total for 2023. Breakdown: CEO £1.5m, CGO £0.8m, CTO £0.5m. |
| Remuneration of Officers | Compensation includes salary, bonuses, stock options, and other benefits. |
Zego Annual Report – 2022 – PDF
Zego insurance has been the driving force in insurtech due to providing beneficial insurance solutions for the gig economy, fleet managers, and self-employed individuals. The company’s rapid expansion can be attributed to strategic partnerships and the technology focus but internal growth has become a challenge for the company. At present, the company, however, is trying to manage its growth as well as the increasing costs of operations.
Zego remains focused in building its brand and further developing new products as has been reported in the annual report. However, irrespective of the financial burden associated with the company’s exponential growth, the outlook of growth and profitability in the long term remains through mergers and strategic partnership investments.
Management Information
The management team of Zego includes seasoned entrepreneurs and some of the industries best known for coming up with innovative ideas in the insurance sector. The founders of the company and contributors of the management team’s foresight have been central to the success of the company’s transformation, but the startup has hurdles of scaling fast thus the challenges of overseeing complexities. Compensation structures are built to encourage and keep the best people in the business as well as make them integrate in the long term aspiration of the company.
