UK private equity firm Livingbridge has supported the management buyout of insurance broker Coversure Insurance Services Group.
The buyout was led by Coversure’s chief executive Bob Darling who will remain in the role alongside the existing management team.
As part of the deal Tim Wright, former head of corporate risk and broking at Willis Towers Watson, will take the role of chair at Coversure.
The company consists of specialist underwriters CUL, software house datamatters and insurance broker franchise Coversure.
It was founded 30 years ago and has grown to 90 offices throughout the country.
In the financial year ended March 2018 Coversure had a gross written premium (GWP) of £116m, Policyfast £42m and CUL £9m.
The financial details of the deal were not disclosed but Livingbridge typical invests between £2m and £70m in businesses valued up to £150m.
Livingbridge has invested in over 100 business over the last 20 years and has previous insurance sector experience through investments in businesses such as brokers Kingsbridge Risk Solutions.
Darling said: “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.”
Law firms HFW and Travers Smith acted for Livingbridge, Weightmans acted for the sellers and Deloitte advised on corporate finance matters.