The new acquisition is a ‘strong strategic fit’ and an ‘important part’ of Jensten Group’s growth ambition
Jensten Group has acquired Tasker Insurance Group in the hope of making a significant move towards reaching its target of £500m gross written premium (GWP) within the next three to five years.
The deal includes Tasker Insurance Brokers, Lloyd’s broker Tasker and Partners, as well as MGA Gresham Underwriting - the businesses bring an additional £50m GWP to the Jensten Group, which now controls in excess of £300m GWP.
The transaction also enables the group to access new centres of excellence, with specialisms in personal injury (PI) and medical malpractice (medmal), technology and life sciences, tour operators and travel, hospitality and leisure and specialist motor.
On completion, Tasker Group chief execute Robert Organ will become managing director of Jensten Retail.
Furthermore, Tasker Group chief operating officer Graeme Lalley will become chief operating officer at Jensten Group – he will be responsible for technology and operations, business transformation, human resources and facilities.
Organ and Lalley will both join the Jensten Holdings board alongside group chief executive Alistair Hardie, chief financial officer Ed Hannan and wholesale managing director Simon Taylor.
Hardie 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.”
Hardie continued: “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.”
As part of the changes determined by this latest deal, Tasker Insurance Brokers will become part of Jensten Retail – this includes Jensten Insurance Brokers and the Coversure franchise network.
Tasker and 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 offering.
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.
“Both Graeme and I are excited to join Alistair and the Jensten management team to help take the business to the next level.”
The sum of the acquisition remains undisclosed and subject to regulatory approval.