Coversure Insurance Services, one of the UK’s leading independent insurance brokers, has been acquired by Livingbridge
Livingstone’s Business Services and Debt Advisory teams have advised Livingbridge on its acquisition of Coversure Insurance Services, one of the UK’s leading independent insurance brokers, as part of a management buy-out.
Coversure comprises of online wholesaler Policyfast, specialist underwriters CUL, software house Datamatters, and insurance broker franchise Coversure. Founded 30 years ago, it has grown to over 90 offices throughout the country via an organic growth strategy that saw Coversure deliver Gross Written Premium (GWP) of £116m, Policyfast deliver GWP of £42m, and CUL deliver GWP of £9m in the financial year ending March 2018, leaving the Group well placed to build on their outstanding performance.
Tim Wright will join Coversure’s management team as non-executive Chairman as part of the deal. Tim was previously Head of Corporate Risk & Broking at Willis Towers Watson and, before that, Chief Executive of Willis International. The deal is set to complete later this year, subject to regulatory approval.
Coversure’s CEO Bob Darling said: “The management buyout is great news for all concerned. It will allow us to invest in the business and offer even more customers and brokers the high standards of service for which the Group has become renowned. Having Livingbridge as our investor and Tim as our Chairman will enable us to explore new opportunities and give us the impetus we need to accelerate our growth, both on and off the high street. All our stakeholders, brokers and staff can look forward to an exciting period of growth and development that I feel will be to the benefit of all.”
Xavier Woodward, who will be joining Coversure as a non-executive Director from Livingbridge, commented: “Livingstone provided us with pragmatic and insightful advice throughout the bid process and sourced the optimal debt package within a very tight timescale. We were delighted at their commitment to support us at every stage of the transaction helping us complete the investment quickly and efficiently.”
Bill Troup, Managing Director, Debt Advisory, at Livingstone, commented: “We are delighted to have supported Livingbridge with their investment in Coversure. We ran a very competitive debt process as part of a well-organised bid team and delivered an excellent outcome.”