Friday 8th November 2019 – The Plan Group (TPG) have bought Kingswood Insurance Brokers, the owner of the Pedal Cover brand. The purchase is TPG’s most recent acquisition, and the specialist home insurance provider doubles the company’s presence in the cycle insurance sector.
The Plan Group currently offers a range of stand-alone cycle products via its Yellow Jersey Insurance marque. Both brands will remain for the foreseeable future, and the Pedal Cover team of 12 will continue at their base in Ewenny, South Wales.
Former semi-pro cyclist Darren Thomas, one of the founding members of Kingswood Insurance Brokers Ltd, combined his passion for cycling and extensive insurance experience to develop the home insurance policy Pedal Cover. Specifically tailored to meet the needs of cycling enthusiasts, this policy has proven successful. The company has since built a loyal following amongst the cycling & triathlon community and has received numerous industry awards.
AXA underwrites Pedal Covers core product exclusively and has been a supportive partner in its development. TPG aims to utilise its digital marketing expertise and bespoke computer software to increase unit numbers and cross-sell several additional products that the firm has developed to serve the cycling community and cycle-related businesses.
TPG also owns a commercial insurance specialist, Plan Insurance Brokers. The purchase takes the Redhill head-quartered business to over £25 million GWP.
Ryan Georgiades, Chair of The Plan Group Ltd and MD of the cycling division, said:
“Pedal Cover is a great business and complements our existing cycle offering perfectly. 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 in this market. We have a strong strategy that focuses on our strengths in schemes and specialisms and an experienced team in place to deliver.”
Darren Thomas, the founder of Pedal Cover, said:
“I’d met the guys from Yellow Jersey at various events and loved what they’re doing. 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.”
About The Plan Group
The Plan Group comprises commercial specialist Plan Insurance Brokers, leading cycle insurance provider Yellow Jersey and now Pedal Cover. It is an independent family-owned business that was established in 1989 by Peter Georgiades and his eldest son, Scott. Younger siblings Ryan and Grant have subsequently joined the company and helped to drive its development. The Plan Group, headquartered in Redhill, Surrey, controls GWP over £25 million and employs a team of over 80.
The company aspires to become a Top 50 Independent broker within the next 5 years. They have recruited high-profile figures from within the insurance industry to their top team to assist with achieving that goal.
More information regarding The Plan Group can be found at www.theplangroup.co.uk
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For more information, please contact us at PR@theplangroup.co.uk.