UK broker Jensten expands mid-market business with Packetts acquisition
The Jensten Group, a UK-based broking and insurance group, has acquired Yorkshire-based specialist mid-market commercial broker Sydney Packett & Sons (Packetts).
The acquisition is part of Jensten’s growth strategy focused on expanding its specialist capability. Its insurance broking offering includes over 90 Coversure franchises, focused mainly on the small commercial insurance market and a wholly-owned broking operation primarily focused on mid-market business.
The group also has a wholesale operation made up of Policyfast, City Underwriters and Senior Wright, all supported by an in-house platform development business, Jensten Technologies.
Jensten currently controls around £230 million gross written premium (GWP) and aims to reach £500 million within the next three to five years.
Packetts is the third acquisition in eight months for the specialist broking and insurance group. The deal follows on from those of Derbyshire-based professional indemnity specialist HTC Associates and Lloyd’s and London market wholesale broker Senior Wright in 2020.
Packetts is a Chartered Broker, specialising in the commercial, not-for-profit, and training sectors, and presently handles £13 million GWP. It is headed by Marshall Sugden, who will remain as managing director and lead the further expansion of the business under Jensten’s ownership.
Alistair Hardie, Jensten Group Chief Executive, said: “We are delighted to welcome Packetts to the Jensten family. Marshall and the team are an ideal fit with our existing business and share our group values and culture with a priority focus on high service standards and looking after clients. With the additional support and funding we can provide, the Packetts and Trainsure brands will flourish and grow, both organically and through bolt-on acquisitions and books of business in the North.”
He added: “This acquisition underlines that we are the natural home for entrepreneurial mid-market and specialist community brokers keen to protect and build on their hard-earned legacy and who want to ensure both staff and clients remain central to the business.”
Sugden, Packetts chief executive, commented: “The team and I are excited about becoming part of Jensten, and look forward to taking Packetts to the next level of growth. Jensten’s flexible and caring approach meant they stood out from the crowd and made them the obvious choice as our new owner.”
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