Livingbridge acquires insurance group CISG

The GP drew capital from Livingbridge 6, its £660m buyout fund that held a final close in September 2016.

The existing management team will remain in place but will be joined by Tim Wright, previously head of corporate risk and broking at Willis Towers Watson. Xavier Woodward, the Livingbridge partner who led the deal, will join Coversure's board as a non-executive director.

Livingbridge will support further growth through the expansion of franchise operations, new acquisitions and new products.

Company
CISG consists of online wholesaler Policyfast, specialist underwriter CUL, software house Datamatters and insurance broker franchise Coversure. The company was founded in 1988, and has 90 offices across the UK. Coversure delivered gross written premiums (GWP) of £116m, Policyfast delivered GWP of £42m, and CUL delivered GWP of £9m in the financial year ending in March 2018.

People
Livingbridge – Xavier Woodward (partner).
Coversure Insurance Services Group – Bob Darling (CEO).

Advisers
Equity – Livingstone Partners, James Lever (corporate finance); Travers Smith, Jim Renahan, Will Yates (legal); HFW, Richard Spiller (legal).
Company – Deloitte, Andrew Gould (corporate finance); Weightmans, William Sharpe (legal).

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• Topics
• Buyouts
• UK / Ireland
• Financials
• Livingbridge
• United Kingdom