Jensten acquires Tasker Insurance as it targets £500m GWP
The Jensten Group, an insurance distribution group of companies, has acquired Tasker Insurance Group for an undisclosed sum.
The company said the 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 £50 million GWP to the Jensten Group, which now controls in excess of £300 million 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 CEO, will become managing director of Jensten Retail and Graeme Lalley, Tasker Group 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 CFO 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.
Alistair Hardie, Jensten Group CEO, said: “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.”
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.”
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