Uris Group announces Cavere Group acquisition to accelerate growth and expand distribution capabilities

Uris Group Limited (“UGL”) has today announced that its holding company, Graphco Ltd, has acquired Cavere Group Ltd, the insurance distribution and administration business and parent company of Cavere Ltd and coverbaloo Ltd.

Both the Cavere and coverbaloo brands will be retained and will continue to operate from their existing York office. Brokers, agents and other partners will continue to work with their existing contacts, with all current employees remaining with the business. Cavere Chief Executive Paul Thompson will also remain with the business in a strategic role within the wider Uris Group.

Founded in 2008, Cavere has built a strong position in the insurance distribution market. Through Cavere Insurance, the business provides a range of general insurance products and services to brokers and other intermediaries, while coverbaloo offers consumer-facing products including home, home emergency, and travel insurance. The deal forms part of UGL’s wider growth strategy as it continues to expand its specialist insurance capabilities both organically and through acquisitions.

Derek Coles, Chief Executive Officer of UGL, said: “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.”

Paul Thompson, Chief Executive of Cavere Group, 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.”