Jensten Group buys Coversure Kidderminster

Insurance distribution business Jensten Group has today (10 January 2023) bought Coversure Kidderminster for an undisclosed amount, which brings 1,700 commercial clients and nine staff to the group.

The deal is subject to regulatory approval, but will see Coversure Kidderminster join Jensten Insurance Brokers later this year and form the base of Jensten’s retail regional presence in the Midlands.

The broker plans to develop through further acquisitions and strong organic growth. In a statement, it said it expected to open up to ten new offices this year across the UK.

Coversure runs a franchise model that allows experienced brokers to launch their own franchises with Coversure branding. 

Coversure is also owned by Jenstemn Group.

Rob Organ, retail managing director at Jensten Group, said: “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 which 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.”

It follows announcements made last year which saw the Jensten Group acquire Coversure offices in Nottingham and Stamford.

Business in box

The Jensten Group now has three distinct yet complementary divisions – Jensten Insurance Brokers, the Coversure Franchise network and Jensten’s wholesale division that includes Jensten Underwriting and Jensten London Markets.

Coversure original office began trading more than 30 years ago but today the franchised business has more than 90 franchisees running independent insurance broking businesses under the Coversure brand.

Rob Palmer, franchise director at Coversure, added: “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?”