UK-based insurance company CFC has secured a major investment from European private equity firms EQT and Vitruvian Partners.

The quantum of the investment has not been revealed.

Established in 1999, CFC is a technology-driven business, which offers insurance for cyber risks along with a wide range of emerging risks.

CFC, which is primarily focused on SMEs, stated that it writes 50 products across 20 different classes of specialist insurance.

CFC’s proprietary insurance platform leverages data science and threat intelligence to detect cyber risks and protect clients.

CFC founder and group CEO Dave Walsh said: “As we look ahead, we see a risk landscape that is rapidly shifting, with ever-expanding cyber threats, new insurance challenges presented by intangible assets and evolving risks in rapid growth sectors.

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“CFC has a key role to play in helping our growing customer base address these challenges, while the pioneering technology we have built over the last two decades is enabling us to deliver at increasing scale.”

The insurer said that it has an annual premium run rate of more than £750m ($1bn) and recorded an organic EBITDA CAGR of 35% over the last five years.

EQT partner Robert Maclean said: “CFC is a truly innovative insurance business with technology at its core and a track record of growth and profitability which surpasses even the most mature fintech businesses we have seen.”

Earlier this year, CFC secured the in-principle clearance from Lloyd’s of London to set up CFC Syndicate 1988.