Uris Group holding company acquires insurance distribution and administration business

Uris Group’s (UGL) holding company Graphco has acquired insurance distribution and administration business Cavere Group.

The deal brings Cavere and coverbaloo, both subsidiaries of Cavere Group, into the wider UGL group..

Under the agreement, the Cavere and coverbaloo brands will be retained, with both businesses continuing to operate from their existing York office.

Brokers, agents and other partners will also continue to work with their existing contacts, while all current employees will remain with the business.

UGL said the transaction forms part of its wider growth strategy, as the business seeks to expand its specialist insurance capabilities.

Derek Coles, chief executive at UGL, said: “Cavere Group has built an excellent reputation over many years through a combination of strong products, great service and long-standing relationships with its brokers and partners.

“Our intention is to build on that rather than change it. Cavere Group has a strong brand, an experienced team and significant potential for further growth.”

‘Important milestone’

Cavere Group chief executive Paul Thompson will stay with the company and take on a strategic role within the wider UGL group.

Founded in 2008, Cavere Group operates in the insurance distribution market through Cavere Insurance, which provides general insurance products and services to brokers and other intermediaries.

Its coverbaloo brand, meanwhile, provides consumer-facing insurance products including home, home emergency and travel cover.

Paul Thompson, chief executive at Cavere Group, said: “Joining the group marks an important milestone for Cavere Group, our team and our broker partners.

”We have spent the past 17 years building a strong business and trusted brand and that will remain unchanged.

”What this gives us is the backing and resources of a larger group, while allowing us to retain our identity, our York office and the team our partners know. It puts us in a strong position to accelerate our growth without compromising the values and service that Cavere Group has been built on.”