Insurance, a bay gelding, was bred by E.J. Hope in Ireland in 1927 by Achtoi out of Prudent Girl by Juggernaut. He was owned by the Hon. Dorothy Paget, who also owned Golden Miller and both were trained by Basil Briscoe at Exning, near Newmarket. Insurance won the Welsh St. Leger in 1930 and the Champion Hurdle twice, the only horse to have a 100 record in this race, having contested twice and won twice; in 1932 when ridden by Ted Loader and in 1933 when ridden by W. Stott.