Plan Group purchases Kingswood Insurance Brokers

- By Aara Syed
- @BrokerAara
- 11 Nov 2019
- Indicative reading time: 1 minute

The purchase of the cycle specialist takes the group's GWP up to £30m.

The Plan Group has bought Kingswood Insurance Brokers, owner of the Pedal Cover Plus brand, for an undisclosed sum.

According to Plan Group the purchase of Kingswood takes it’s business to over £30m GWP.

The group has detailed that this buy should double the firm’s presence in the cycle insurance space.

Plan Group has said that it will keep the Pedal Cover Plus Brand and that its team of 12 will continue to be based in Ewenny, South Wales.

Cycling
Through the acquisition, The Plan Group aims to increase unit numbers and seek to cross-sell additional products that the firm has developed to serve the cycling community and cycle related businesses.

Semi-pro cyclist Darren Thomas is one of the founding members of Kingswood Insurance Brokers and combined his passion for cycling and knowledge of insurance to develop the home insurance policy, Pedal Cover Plus. Plan Group has stated that this policy is specifically tailored to meet the needs of cycling enthusiasts.

Grant Georgiades, MD of The Plan Group said: “Pedal Cover Plus is a great business and complements our existing cycle offering perfectly. It provides significant opportunities to deliver our innovative products to a substantially enlarged client base of cyclists.

“This is the first of a number of planned acquisitions. We have a strong strategy that focuses on our strengths in schemes and specialisms and an experienced team in place to deliver.”

Plan Group provides a variety of stand-alone products through its Yellow Jersey Insurance marque and owns Plan Insurance Brokers.

Thomas commented: “I’d met the guys from Yellow Jersey at various events and loved what they’re doing. When the opportunity came to work with them I really saw the value that they could bring to both my staff and my clients.

He continued: “Family and integrity are really important to both companies. So I think the cultural fit is also strong.”

Listed in the recently published Top 100 Independent Brokers ranking, Plan Group outlined its ambition was to be a top 50 independent insurance broker by 2023.

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