It is the broking and insurance group’s second acquisition since lockdown
Jensten Group Limited has acquired a wholesale and retail broker, Senior Wright.
The acquisition of 100% of the share capital has received regulatory approval and is effective from today.
Jensten says the acquisition continues its strategy of acquiring high quality, entrepreneurial businesses that have significant growth potential and are led by teams who are passionate about the clients they serve.
It is the second acquisition that Jensten has signed since lockdown.
Managing director of Jensten Wholesale, Simon Taylor, said that the acquisition marks an important step in the evolution of the Jensten Group and its commitment to its buy and build strategy.
Longer term future
Senior Wright has more than £20m of Gross Written Premium in the Lloyd’s and company markets.
The business serves clients in several sectors and operates from offices in London, Edinburgh, Leeds and Dudley.
It will continue to function as a standalone brand within Jensten’s Wholesale division.
All members of the Senior Wright team, including managing director Michael Griffin, will remain in the business following the completion of the deal.
Griffin said: “After many years of being an independent broker, it is time to look to the long-term future of Senior Wright and make a decision that will be the best for the clients and the staff. From my early dealings with Simon and the team at Jensten it was clear that their philosophy matches that of Senior Wright and we have a common vision and ambition for the business.”
Taylor added: “From the outset we knew that Senior Wright would make a good strategic and cultural fit. Mike has built a successful, specialist construction and liability business with a great reputation in the market. This is going to be a powerful addition to the Jensten Wholesale armoury - taking wholesale GWP to over £80 million – and will be of great benefit to our partner brokers and their clients. “
“The Jensten Group has a strong track record of supporting entrepreneurial, community and client-focused brokers in the UK and working in partnership with management teams. I know I speak for the entire Group when I welcome Mike and his team to the Jensten family.”
Mission to grow
Meanwhile Jensten group chief financial officer Ed Hannan said: “Senior Wright is an extremely desirable business with a strong track record and an attractive client base and we look forward to supporting the team in unlocking further potential in the business.
“As a management team, one of our primary missions is to grow through targeted acquisition of good quality, niche and non-commoditised insurance businesses. We have strong operational and financial support from our backers, Livingbridge, in the execution of our ever-accelerating buy and build strategy.
“That we are able to execute on our strategy and sign deals in the current economic environment is testament to the determined ambition of our Group, management and shareholders. We have a strong M&A pipeline, excellent funding in place and a great proposition to potential vendors. We look forward to announcing further acquisitions in the near future.”