The transformational deal, which includes Tasker Insurance Brokers, Tasker & Partners and Gresham Underwriting, marks a significant step forward for the acquisitive Jensten Group towards its target of £500m gross written premium within the next 3-5 years. The deal is subject to regulatory approval.
The acquisition brings an additional £50M GWP to the Jensten Group, which now controls in excess of £300M GWP, along with new centres of excellence with specialisms in PI and Medmal, Technology and Life Sciences, Tour Operators and Travel, Hospitality and Leisure and specialist Motor.
On completion Robert Organ, Tasker Group Chief Executive Officer (CEO), will become Managing Director, Jensten Retail and Graeme Lalley, Tasker Group Chief Operating Officer (COO) will take up the newly created role of Jensten Group COO with responsibility for technology and operations, business transformation, HR, and facilities.
Organ and Lalley will both join the Jensten Holdings Board alongside Group CEO Alistair Hardie, Group Chief Financial Officer Ed Hannan, and Wholesale Managing Director Simon Taylor.
Tasker Insurance Brokers will become part of Jensten Retail, which includes Jensten Insurance Brokers, the Group’s non-franchise broking activities and the Coversure franchise network. Tasker & Partners will become part of Jensten’s London Market broking operation and Gresham Underwriting will join Policyfast and City Underwriters, as part of Jensten’s MGA.
‘Important part of our growth ambition’
Alistair Hardie, Jensten Group CEO commented: “Adding Tasker to the Jensten portfolio is an important part of our growth ambition. It is a strong strategic fit and gives us enhanced scale in each of our core business areas – retail insurance broking, wholesale Lloyd’s and London Market broking and specialist underwriting.
“Over the last year, we have made significant progress in our evolution from the traditional Coversure model that many are familiar with, to the dynamic, fast-growing and acquisitive business that we are today. We will continue to build out our regional centres of excellence model with attractive local bolt-ons to enhance scale.”
Hardie continued: “Crucially we retain the tradition that underpins all we do – working with high quality, entrepreneurial brokers who support and engage with their local communities, whether they be businesses that fit our ‘Buy and Build’ approach or franchises that underpin our ‘Build and Buy’ model.
“The quality and size of the Tasker Insurance Group acquisition demonstrates that our business model resonates with the marketplace. We have created a compelling alternative home for insurance business leaders that have spent their careers building their organisations.”
Robert Organ added: “We were attracted to the Jensten ethos, approach and executive team and in particular to their different style and attitude. This deal is really positive news for our Tasker colleagues as they are becoming part of an organisation that is a strong cultural fit and which believes in investing in its people. It is also great news for our clients, including our third-party broking partners, as they will benefit from the increase in scale and impact we will have in the market, as well as continue to receive the high levels of service to which they are accustomed.”
Organ continued, “Both Graeme and I are excited to join Alistair and the Jensten management team to help take the business to the next level. I am particularly enthused by the opportunity to work with the 95 Coversure franchisees, building on my insurance franchise experience in Australia, where we helped owners as they built businesses of real value and created a genuine partnership model. I look forward to working with the franchisees to help them further develop their successful businesses. In addition, Jensten’s centres of excellence model fits very neatly with Tasker’s proven capability within our broking specialisms, which has served the business well in recent years.”