London-based Livingbridge VC LLP has invested in U.K.-based insurance broker Coversure Insurance Services Group as part of a management buyout, the companies said May 14.
The debt package between Livingstone and Coversure was advised by Livingstone's business services and debt advisory teams and was secured in an auction, GrowthBusiness reported May 21. The deal is set to complete later in 2018, subject to regulatory approval.
Apart from Coversure, Livingbridge will also acquire online wholesaler Policyfast, specialist underwriter CUL and software house Datamatters. Tim Wright, former head of corporate risk at Willis Towers Watson PLC and CEO of Willis International Ltd., will join Coversure as chairman. Xavier Woodward will also join Coversure as a director from Livingbridge.
Based in Huntingdon in eastern England, Coversure operates more than 90 offices in England and Wales and had gross written premium of £116 million in the year to March. Policyfast generated gross written premium of £42 million and CUL recorded £9 million of gross written premium.
