Turnover for the full year of 2018 almost halved
Supercover Insurance is to transfer all assets and liabilities of the business to Insurance Factory Limited by the end of November.
Both companies are subsidiaries of the Kent-based Markerstudy Group, which owns a number of insurance divisions and comes as Supercover has also moved its operating unit to Portsmouth, where the Markerstudy’s brand specialist operation is located.
The insurance firm saw its turnover for 2018 almost halve to £4.4 million, falling from £8.2 million the year before, but still managed to gain a gross profit of £3.5 million.
A statement on Companies House read: “The directors have made the decision post year-end to transfer the business and all assets and liabilities of the company to Insurance Factory Limited, a fellow subsidiary company, by November 30 2019. Consequently, the company will cease to trade.”
In a statement Markerstudy affinity director Ross Hallifax said: “Supercover, Markerstudy Retail & Affinity Gadget and Mobile Phone Insurance business is currently undergoing a transformation ready to hit the ground running in 2020. The operating unit has moved to Markerstudy’s 400 person brand specialist operation in Portsmouth.
“This change has also resulted in a legal entity (not brand) change from Supercover to Insurance Factory Limited as Markerstudy Retail and Affinity brings all its business units under one legal entity for reporting and upcoming regulatory changes.”
“Included in this strategy is significant investment in our IT platform and customer journeys to deliver the latest tech, AI and automation to enhance the customer experience. We have also invested in additional pricing, product and underwriting talent to ensure our products meet the needs of our target audiences and are competitively priced, and our new Senior Business Development Manager is engaging with new distributors, brokers, and mobile phone resellers. We are confident all these changes will result in Supercover going from strength to strength in 2020.”