Close Brothers and Coversure agree long-term contract covering both personal and commercial lines
Close Brothers Premium Finance and Coversure Insurance Services Ltd have announced today that they have entered into a long-term partnership.
The deal is exclusive, and means that Close Brothers will be the premium finance backer for Coversure’s personal and commercial lines business.
Last year’s MBO
Last year, Coversure’s parent company, Jensten Group, was bought out by its chief executive Bob Darling, which was backed by Livingbridge private equity.
Chief executive of Close Brothers, Sharon Bishop said: “Bob and his team are long term friends of Close Brothers, and we strongly supported the MBO (buyout) last year.
“The business has gone from strength to strength since last May, and we are delighted to have played our small part in their success to date and look forward to continuing with that support in the future with this new agreement.”
Darling commented: “Close Brothers has provided our growing network of franchise holders with a unique offering and their clients with high quality service.
“Premium finance is a key driver in the client’s buying decision and an important risk mitigator for the brokers. Having access to a slick and flexible provider is key to the Coversure offering. Close Brothers’ stability and strong commitment to client service, broking in general, and Coversure in particular, made it an easy decision to renew our agreement.”