The Plan Group Ltd announces the acquisition of Pedal Cover Plus
Friday 8th November 2019 – The Plan Group (TPG) have bought Kingswood Insurance Brokers, the owner of the Pedal Cover Plus brand. The purchase is TPG’s first 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 Plus 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 Plus. Specifically tailored to meet the needs of cycling enthusiasts, this policy has proven to be a great success. The company has since built a loyal following amongst the cycling & triathlon community, and has been rewarded with numerous industry awards.
AXA underwrites Pedal Cover Plus’ core product exclusively and has been a supportive partner in its development. TPG is aiming to utilise its digital marketing expertise and bespoke computer software to increase unit numbers, as well as seeking to cross-sell a number of additional products that the firm has developed to serve the cycling community and cycle related businesses.
TPG also owns commercial insurance specialist, Plan Insurance Brokers. The purchase takes the Redhill head-quartered business to over £30 million GWP.
Grant Georgiades, Managing Director of The Plan Group Ltd said:
“Pedal Cover Plus 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. 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 creator of Pedal Cover Plus 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 is made up of commercial specialist Plan Insurance Brokers, leading cycle insurance provider Yellow Jersey and now Pedal Cover Plus. 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 help to drive its development. The Plan Group, headquartered in Redhill, Surrey, controls GWP in excess of over £30 million and employs a team of over 110.
The company has aspirations 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.