Jelf acquires SPS Wellbeing, a specialist healthcare and group risk intermediary...

Jelf Group has made its third broker acquisition in two months with today's announcement that it has bought Hampshire-based SPS Wellbeing, a specialist healthcare and group risk intermediary, for £10m.

Between them, Jelf and SPS Wellbeing now place some £125m of premiums with healthcare and group risk insurers, with the purchase now positioning Jelf as one of the top UK healthcare intermediaries.

SPS Wellbeing's client list includes around 1,600 SME corporate clients, 160 larger corporate clients, around 2,250 schemes and 3,000 individuals.

With yet another acquisition in the general insurance sector this means that Jelf is now placing some £100m of premiums with insurance providers, consolidating its position as a top ten intermediary in this sector.

The sale agreement will see Jelf make an initial payment of £6.40m with a further consideration to be paid in cash, depending on the retention of existing clients and the resulting revenue stream generated by SPS Wellbeing during the two years following completion.

Andrew Grigg will continue as SPS managing director, as well as remaining on the board, but will also join the senior management team of the Jelf Group. SPS Wellbeing will remain as a stand-alone operating company within the Jelf Group.

Alex Alway, group chief executive of the Jelf Group, said: “The case for acquiring SPS Wellbeing is compelling in terms of the quality of the people, the clients and the opportunity to engineer future profits. The acquisition will position Jelf as a real powerhouse in the healthcare market, complementing our existing strong position in the insurance market. In addition, the Hampshire location fits with our objective of becoming the premier corporate consultancy in the South of England and Wales.”

Grigg added:”We have developed steadily over the last 25 years, but it is now time to move onto the next stage of growth. Joining forces with a group as like-minded as Jelf will be extremely advantageous for both our clients and employees.”