A week ago, we announced the exciting news that Coversure Insurance Service Group (CISG) has been acquired by the existing Operational Board with the financial backing of leading private equity firm, Livingbridge. This represents an exciting new chapter in the Group’s history, one that will allow us to realise our ambitious growth plans for the future and so deliver our exceptional levels of service to an even greater number of customers.
What Does This Mean For CISG And Its Customers?
This is a wholly positive development for the business and its stakeholders. It will enable fresh investment in our retail franchises, allowing us to open more offices and give more communities access to our exceptional service. We shall also be upgrading our internal systems and adding new policies to our portfolio, so it will be even easier for customers to get the protection they need. We also have big plans for the existing CISG team; a group of individuals who have helped make the Group the success it is. Between additional training plans, an increase in staff numbers and the creation of new roles as new opportunities are created, there’s plenty to look forward to.
Why Did The Management Want To Buy CISG?
One of the main reasons I, and the rest of the Operational Board, wanted to acquire CISG was so we could invest in the business and see it achieve its full potential. Although we have seen great success over the past few years with sustained organic growth and the opening of new high street offices – something that is firmly bucking the industry trend – we felt there was still so much more that we could achieve, and with the backing of our new investors at Livingbridge that’s what we intend to do.
Who Are Livingbridge?
Livingbridge are a highly respected private equity firm with a fantastic track record of growing the companies they invest in and a deep knowledge of insurance and financial services. Over the past 20 years they’ve helped more than 100 businesses, turning many into household names, including brands such as Crew Clothing Company, On the Beach and Fat Face.
What Difference Will This Make To You?
In the short-term you may not notice a significant difference. If you’re a customer you will continue to receive the high standards of customer care that you have always enjoyed, and if you are one of our suppliers then things will continue as normal. I will remain the CEO of the Group, Sarah Darling will remain as Managing Director of Coversure and Steve Parker will remain as Managing Director of Policyfast. We will be welcoming Xavier Woodward to the board as a Non-Executive Director and Tim Wright, who was previously Head of Corporate Risk and Broking at Willis Towers Watson, will become our new Chairman. These new additions will further strengthen the leadership team’s expertise and will help us take the company forward.
In the longer-term you can expect to see exciting developments such as new offices, new products, new online services and new additions to the team, but the Group’s ethos of positive outcomes for the customer will remain at the heart of everything we do.
Thanks! Thanks A Million
Realising the dream of a management buyout hasn’t been easy. The seemingly endless rounds of meetings, the delivery of data to tight timescales and having every aspect of the business scrutinised has been exhausting. However, it is a process that has reminded me – should I need reminding – of what a fantastic business this and how with the support of our new backers and our existing teams our customers can look forward to even more from the Group. So, thanks a million to all those who’ve helped make the Group what it is, and here’s to a bright future for all.