Political risk broker completes transition to 100% employee ownership

Texel has completed the transition to 100% employee ownership through the creation of the Texel Employee Ownership Trust (EOT).

The specialist credit and political risk insurance broker has made the move to ensure its long-term independence and reward its employees.

William Shaw, deputy chief executive, said the move is a “milestone in Texel’s history”.

He added: “It’s this independence that ensures our stability and long-term consistency for clients, insurers and Texelians.

“It means we are not constrained. We can continue to meaningfully invest, with full control over and commitment to our culture, our agility and our entrepreneurial spirit.

“Crucially, it keeps our people and our founding values at the heart of the business and our employees remain empowered to deliver advice and solutions that set the standard for our industry.”

Management team

Andy Lennard will continue in his role as chairman and chief executive, supported by senior management.

There are no plans for him to step back from the business in the near-term.

Lennard said: “The creation of the EOT not only allows us to remain independent, it allows us to move from a shareholder to a stakeholder model and to continue the extraordinary work of the Texel Foundation.

“It preserves our culture and values and protects the group for future generations. I have been consistent with all potential suitors in that regard and have rejected each and every one. It would not have aligned with everything we stand for.

“Although I do not intend to retire, I am cognisant that in the coming years leadership needs to evolve, which is why Shaw was made deputy chief executive and he is well supported by long time Texel board members and the senior leadership team.”