Coversure Insurance Services Group (CISG) has completed a management buyout with support from private equity firm Livingbridge.
Subject to regulatory approval, the deal is expected to be closed later this year.
The buyout is expected to take CISG, which has been providing insurance services over the last 30 years, to the next level.
The deal covers insurance broker franchise, online wholesaler Policyfast, specialist underwriters CUL and software house Datamatters.
Investment from Livingbridge is expected to help accelerate CISG’s investment in IT, creation of better products and in expanding its operations across the Group so that it can provide its customers, both retail and wholesale, with higher standards of service.
CISG stated that its franchise network will remain the same and its franchisees will remain committed to offering accessible retail presence alongside its fast-evolving online offering.
After the acquisition, CISG’s team will be joined by Xavier Woodward from Livingbridge. The company has also appointed Tim Wright, who was Willis Towers Watson corporate risk and broking head as the new chairman.
The company was established by Mark Coverdale back in 1986, with an office in Huntington and has grown to have more than 90 offices across the country. Today, it has as a gross written premium of £116m.
Coversure’s franchisees Policyfast delivered £42m of GWP and CUL achieved £9m GWP for this financial year.
CISG CEO Bob Darling said: “The Group has bucked the market trend in terms of organic growth and what’s even more impressive, I think, is that while many brokers have retreated from the high street we’ve continued to create new, successful retail businesses.”
He continued saying: “We’re now in a position where we can put our foot on the accelerator and really push for growth. We’ve big plans for Coversure and our franchise network, for Policyfast our online wholesale business and for City Underwriters Limited (CUL) our specialist underwriters. There are some fantastic opportunities in the market, ones we’re now in a position to fully exploit.”
Image: Coversure Insurance Services Group had been purchased in a management buyout. Photo: Courtesy of Coversure Insurance Services.