Founded in 1963, Oxfordshire-based A-Plan Insurance is a leading UK insurance broker.
A-Plan provides products from a wide range of insurers, including private car, van, home, SME commercial, and high net worth insurance.
Equistone recognised that A-Plan’s branch-based, high-service model enabled it to compete very effectively with direct insurers and internet aggregators.
During the investment period, A-Plan has seen strong revenue growth, with turnover increasing from £44m in 2008 to some £73m for the year ending February 2015. Equistone has worked closely with A-Plan to develop the business by:
- Working with the CEO, Carl Shuker, to strengthen the management team. This included the appointment of a CFO, the creation of a Commercial Director role and the appointment of a new COO. In addition, the wider management team was strengthened, developing A-Plan’s marketing, analytical and compliance functions.
- Supporting management in driving strategic change, to improve the approach to branch roll-out and marketing in particular. This resulted in the expansion of A-Plan’s geographical footprint to provide national coverage In addition new focus was placed on growing A-Plan’s specialist lines of business.
With Equistone’s support, A-Plan increased its branch network from 54 to 74 and increased staff numbers from 590 to around 1,000.
Equistone completed the sale of A-Plan Insurance to HgCapital returning a 2.8x money multiple and an IRR of 20% on its Fund III investment.
We have enjoyed considerable growth over the last six years, with new branch openings and the development of specialist insurance lines.