The Jensten Group has acquired Coversure Kidderminster for an undisclosed amount. The deal, which is subject to regulatory approval, brings 1,700 commercial clients and 9 staff to the Group. The business will join Jensten Insurance Brokers later this year, forming the base of Jensten’s retail regional presence in the Midlands, which it plans to develop through further acquisitions and strong organic growth.
The original Coversure office began trading over 30 years ago and today the franchised business, which is owned by Jensten Group, has more than 90 franchisees running independent insurance broking businesses under the Coversure brand. The acquisition of Coversure Kidderminster follows announcements made last year which saw the Group acquire Coversure offices in Nottingham and Stamford.
As well as experiencing strong organic growth from its existing franchisees, Coversure continues to attract new franchisees – insurance professionals who are looking to launch their own insurance broking businesses. The Group expects to open up to 10 new offices this year across the UK.
Rob Palmer, Franchise Director, Coversure commented: “For experienced individuals looking to launch their own insurance brokerage, the strength of the Coversure proposition is found in the lifecycle opportunity; launch and grow a brokerage with the support of an expert team and within a proven model. When the time is right, sell the business and realise the value that’s been created. It’s essentially a business in a box for insurance professionals. We’re having more and more conversations with seasoned brokers who are looking to the future and asking themselves, why wouldn’t I consider this?”
Rob Organ, Retail MD, Jensten Group, added: “We hear about the huge costs involved in starting a new insurance broker and the increasing administrative and regulatory burden. These are the kind of barriers that have the potential to prevent people from launching a business. Coversure has something that’s genuinely unique in the industry; a proven franchise model which supports experienced insurance professionals start their own broker, where they own the business and the clients. With the support of our team, they create an asset of significant value. We’re seeing franchisees, like Coversure Kidderminster, exit at the right time for them, at the same time as we’re seeing new franchisees join with that same goal in mind.”