It has today been announced that the Jensten Group has acquired Tasker Insurance Group for an undisclosed sum.
The giant deal, which includes Tasker Insurance Brokers, Tasker & Partners and Gresham Underwriting, marks a significant step towards Jensten’s target of £500 million in gross written premium within the next 3-5 years. The deal is subject to regulatory approval.
The acquisition adds £50 million GWP to the Jensten Group (which now controls more than £300 million GWP), as well as new centres of excellence with specialisms in PI and med-mal, technology and life sciences, tour operators and travel, hospitality and leisure, and specialist motor.
On completion of the deal, Robert Organ, Tasker Group’s CEO will become managing director, Jensten Retail, and Graeme Lalley, Tasker Group’s COO, will take up the newly created role of Jensten Group COO with responsibility for technology and operations, business transformation, HR, and facilities.
Organ and Lalley will both join the Jensten Holdings Board alongside group CEO Alistair Hardie (pictured), group CFO Ed Hannan, and wholesale managing director Simon Taylor.
Tasker Insurance Brokers will become part of Jensten Retail, which includes Jensten Insurance Brokers, the group’s non-franchise broking activities and the Coversure franchise network. Meanwhile, Tasker & 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.
Commenting on the deal, 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.”
Over the last year, he said, the group has made significant progress in its ongoing strategic evolution away from the traditional Coversure model and has become a “dynamic, fast-growing and acquisitive” business. He noted that the group will continue to build out its regional centres of excellence model with attractive local bolt-ons to enhance scale.
“Crucially we retain the tradition that underpins all we do,” Hardie continued, “working with high quality, entrepreneurial brokers who support and engage with their local communities, whether they be businesses that fit our ‘Buy and Build’ approach or franchises that underpin our ‘Build and Buy’ model.
“The quality and size of the Tasker Insurance Group acquisition demonstrates that our business model resonates with the marketplace. We have created a compelling alternative home for insurance business leaders that have spent their careers building their organisations.”
Discussing the deal, Organ added that Tasker Insurance Group was attracted by Jensten’s ethos, approach and executive team, particularly their different style and attitude. The deal is positive news for the Tasker team, he said, as they are becoming part of an organisation with a strong cultural fit and people focus. It is also good news for the group’s clients and third-party broking partners, he stated, as they will benefit from the resulting increase in scale and impact, while continuing to receive the same high level of service.
“Both Graeme and I are excited to join Alistair and the Jensten management team to help take the business to the next level,” Organ said. “I am particularly enthused by the opportunity to work with the 95 Coversure franchisees, building on my insurance franchise experience in Australia, where we helped owners as they built businesses of real value and created a genuine partnership model.
“I look forward to working with the franchisees to help them further develop their successful businesses. In addition, Jensten’s centres of excellence model fits very neatly with Tasker’s proven capability within our broking specialisms, which has served the business well in recent years.”
