Travers Smith LLP has advised Livingbridge on its acquisition of the Coversure Group (Coversure), an independent specialist insurance broker and underwriter. Livingbridge has acquired a majority stake in Coversure, investing alongside management, and will support the continued growth of its franchise operation and the development of its insurance product range.
Founded in 1989, Coversure operates through over 90 offices nationwide providing a range of services in the insurance market via its online wholesale insurance broker business, its specialist underwriting business, its insurance software business and its franchisee insurance broker operations. On completion of the acquisition, Tim Wright, former Head of Corporate Risk & Broking at Willis Towers Watson and Chief Executive of Willis International, will join the management team as non-executive Chairman.
The Travers Smith team was led by Private Equity Partners James Renahan and Will Yates with assistance from Corporate Associates James Parker, Richard Hornshaw, Max Conway and Hugo Twigg. The team also included Financial Services Partner Phil Bartram, Tax Partner Hannah Manning and Banking Partner Barry Newman. Livingbridge was also advised by Livingstone (Corporate Finance), Holman Fenwick Willan (insurance regulatory) and PwC (Tax).
The transaction is subject to FCA approval.