Kingswood Insurance Brokers, the owner of the Pedal Cover Plus brand, is now under the umbrella of Plan Insurance Brokers parent firm The Plan Group (TPG).
Without disclosing the purchase sum, Redhill-headquartered TPG said the acquisition – the company’s first – will not only double its presence in the cycle insurance sector but also raise its gross written premium to in excess of £30 million.
“Pedal Cover Plus is a great business and complements our existing cycle offering perfectly,” commented TPG managing director Grant Georgiades. “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.”
Pedal Cover Plus, the core product of which is underwritten exclusively by AXA, was developed by former semi-pro cyclist Darren Thomas (pictured, right, with TPG chairman Ryan Georgiades). For the foreseeable future, the brand will remain along with TPG’s Yellow Jersey Insurance offering.
In addition, the Pedal Cover Plus 12-strong team will continue at its Ewenny location in South Wales.
“I’d met the guys from Yellow Jersey at various events and loved what they’re doing,” recalled Thomas, one of the founding members of Kingswood Insurance Brokers. “When the opportunity came to work with them, I really saw the value that they could bring to both my staff and my clients.
“There’s so much potential. I’m really excited for the opportunities ahead. Family and integrity are really important to both companies. So I think the cultural fit is also strong.”