York-based insurance distribution and administration business, Cavere Group, has been acquired by Graphco Ltd, the holding company of Doncaster-headquartered Uris Group Ltd (UGL).
This is part of UGL’s strategy to expand its specialist insurance capabilities and distribution network.
Founded in 2009, Cavere Group operates in the insurance distribution market. Through Cavere Insurance, it provides a range of general insurance products and services to brokers and other intermediaries, while its consumer-facing brand, coverbaloo, offers products including home, home emergency and travel insurance.
Both the Cavere and coverbaloo brands will be retained following the acquisition and will continue to operate from their existing York office.
All current employees will remain with the business, while Cavere chief executive Paul Thompson will take on a strategic role within the wider Uris Group.
Thompson said: “Joining the group marks an important milestone for Cavere, 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 has been built on.”
Derek Coles, chief executive officer of UGL, added: “Cavere 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 has a strong brand, an experienced team, and significant potential for further growth.
“By bringing that together with UGL’s resources, technology, relationships and operational capabilities, we can give Paul and the team the backing they need to accelerate that growth and develop the proposition further.
“It also adds another complementary distribution capability to UGL as we continue to broaden the group and look for opportunities to grow across specialist insurance markets.”
The shareholders of Cavere Group were advised on the transaction by a cross-departmental team at Andrew Jackson Solicitors, led by corporate partner Martin Frost, who was supported by associate Nicole Waldron (corporate) and partner Kirsty Barsby (real estate and property).
Led by David Walker, Hentons provided Cavere Group’s tax and accountancy advice.
Frost said: “I’ve had the pleasure of working with Paul since he first established Cavere, and it’s been fantastic to see the business develop and flourish over the past 17 years.
“It’s always rewarding to see a client realise the value of the hard work and commitment they’ve put into building a business.”
