Coversure Group 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.
Livingbridge backed a management buyout in 2018 to support the management team as they expand its franchise operation via acquisitions, new locations and the services offered. Further growth will be delivered by extending the product range, accessibility and investment in technology.
Tim Wright joined 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 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.”
Bob Darling, CEO
The business launches its own wholesale broker, Policyfast, to supplement the franchisee offering
Coversure acquired CUL to develop underwriting capabilities.
Livingbridge investment in Coversure, with Tim Wright joining the business’ management team as non-executive Chairman.