Livingbridge has backed the management buyout of insurance broker Coversure Insurance Services Group.
The company is led by chief executive Bob Darling and comprises online wholesaler Policyfast, specialist underwriter CUL, software house Datamatters and insurance broker franchise Coversure.
Founded 30 years ago, the business has 90 offices throughout the country via an organic growth strategy that saw Coversure deliver gross written premium (GWP) of £116m (€131.5m), Policyfast delivered GWP of £42m, and CUL delivered GWP of £9m in the financial year ending March 2018.
Following the deal Tim Wright, previously the head of corporate risk and broking at Willis Towers Watson, will join Coversure as non-executive chairman.
Livingbridge is familiar with the insurance broking sector, previously backing businesses like Kingsbridge Risk Solution. The firm plans to support the brokers as it expands through acquisition, launches new services and expands into new locations.
Xavier Woodward led the deal for Livingbridge. Livingstone Partners, Travers Smith, HFW, Deloitte and Weightmans advised on the transaction.