Tempcover Limited / Connection Capital
Cavendish Corporate Finance is pleased to announce that it has advised on the sale of Tempcover Limited (“Tempcover”), the UK’s leading provider of easy-to-understand, direct to consumer, short-term motor insurance products. The sale was concluded to Connection Capital LLP (“Connection”).
Founded in 2006 by Alan Inskip, CEO, Tempcover is an award-winning, information technology specialist providing temporary motor insurance online. Tempcover’s unique multi-carrier insurance offering enables customers to buy temporary motor insurance directly from the Company’s website and select partners. Recently, the Company has successfully launched additional temporary cover products to meet its growing customer base’s requirements.
Alan Inskip, CEO of Tempcover, commented:
“This new partnership is a very exciting opportunity for Tempcover to both consolidate its existing position and provide a platform for further growth into new verticals and markets. Many thanks to the Cavendish team who provided invaluable advice throughout the process and helped us achieve this great outcome for the Company”.
Ben Goldring, Director at Cavendish Corporate Finance, who advised the shareholders of Tempcover on the transaction commented:
“Temporary insurance continues to grow rapidly reflecting the evolution of flexible sharing models and more bespoke customer requirements. Tempcover is well-placed to capitalise on this growth with a highly scalable model which allows it to dominate in its current offering and enter new temporary cover verticals with ease. Connection’s investment will be invaluable as Tempcover strengthens its market position and expands and we are delighted to have assisted Tempcover on achieving such a successful outcome. Following on from Avantia and Halo this is our third sale of a business in the online insurance sector, a high value and growing segment.”
Other recent deals completed by Cavendish, including advising on the ECI Partners backed buyout of online residential insurance broker Avantia and the sale of Halo Insurance Services Ltd to a joint venture of Cover More Travel Insurance and Zurich Insurance.
“This new partnership is a very exciting opportunity for Tempcover to both consolidate its existing position and provide a platform for further growth into new verticals and markets. Many thanks to the Cavendish team who provided invaluable advice throughout the process and helped us achieve this great outcome for the Company”
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