Acquisition will make Jelf sixth largest broker by GWP
Jelf has conditionally agreed to purchase the entire share capital of The Insurance Partnership Holdings (TIP), subject to FCA approval.
The deal is for £12m and a deferred performance related amount of £3.5m. The initial £12m will comprise £8.9m cash and £3.1m in new Jelf shares to be issued to TIP senior management and sales staff on completion of the deal.
Once the deal has been completed, the new entity will be the sixth largest broker by gross written premiums, with the combined companies having GWP of £235m.
Jelf chief executive Alex Alway said: “I am pleased that Rob Worrell has decided that being part of Jelf will enable him and his team to realise their ambitious plans for growth. We feel privileged to welcome Rob and his team to the group. Together we will be an even stronger force in insurance broking. The acquisition is significant for Jelf and we are confident that this will be an earnings enhancing deal for Jelf. During the course of negotiations we have realised just how culturally aligned we are, and both teams are excited at the prospect of working together.”
TIP managing director Robert Worrell said: “TIP was never a business for sale but TIP and Jelf are such a perfect fit. It was that simple - shared vision, values and culture with a complete passion for client service and committed delivery. Our combined sum of the parts will create a market leading organisation. I am so excited at the prospect of working closely with the executive team that I already knew well and trust completely.”
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