Penta Capital, a UK small to mid-market buy-out firm with £150m (€224m) under management, has invested in the professional indemnity insurance market and is expected to make its first exits later this year.

Penta has funded PI Direct's merger with Saturn Professional Risks by becoming a minority shareholder in the new holding company, Martello Underwriting, which will be majority owned by both the managements of PI Direct and Saturn. Resolution Partners advised PI Direct and Deloitte carried out due diligence for Penta.