About Polygon

Polygon is a family-owned investment company and a member of the British Private Equity & Venture Capital Association.

Polygon Insurance Company Limited (PIL) was formed in Guernsey in 1975 by airlines KLM, SAS and Swissair to underwrite the captive risks of the KSS airline group and a third party treaty account.Over the years it diversified into other areas and following some issues between the airline shareholders in 2001, the management team, led by Martin Belcher and Richard Tee, purchased the fee-based companies which included captive management, insurance broking and trust management, from the airline shareholders and formed the Heritage Group, whilst the airlines tried to sell PIL as a going concern.In October 2001, the Swissair fleet was grounded and the airline went into liquidation. At the beginning of 2002, Standard & Poor’s reduced PIL’s rating to BB+ and it was forced to stop underwriting. The insurance company went into ‘run-off‘.

This meant that PIL could not be sold as an on-going business.In 2004, Martin and Richard purchased the solvent shareholders’ shares in Polygon Group Limited (Polygon) and its subsidiaries (collectively Polygon Group).In 2005, Polygon purchased 22.5% of Heritage Group as well as outsourcing all its operations to Heritage; in 2007, Martin and Richard purchased the Swissair liquidator’s shares in Polygon; Martin finally purchased 100% of Polygon’s shares from Richard via a share swap of Heritage shares in 2009.Martin stood down as CEO of Heritage Group in 2008 whilst remaining its non-executive Chairman, in order to devote more time to developing Polygon.

This was the beginning of the current Polygon Group, which has expanded and consolidated since then.Polygon sold its major shareholding in the Heritage Group in 2014 for approximately £7.5 million which enabled it to repay its overdraft, restructure, refocus the company and expand its property portfolio.