Independent insurance broker and underwriting agency Yutree Insurance has completed a management buyout (MBO), transitioning leadership to long-standing directors Laura Hancock and Kevin Hancock. A news release noted that the move marks a significant shift as the company reaffirms its commitment to independence amid a broader trend of consolidation in the insurance broking sector.
With two of its founding shareholders stepping away, the business faced a decisive moment. Rather than selling to external investors or consolidators, the leadership team opted to retain control and invest in Yutree’s long-term future.
“The business reached a crossroads,” said Laura Hancock, now managing director. “With two founding shareholders stepping away, we faced a clear choice — sell the company, or take full control of its future. Kevin and I knew that this wasn’t the time to walk away.”
She added that Yutree’s momentum, team strength and market reputation were key to their decision. “We’re proud to have chosen the challenging, but far more rewarding path: investing in our independence and building something for the long term,” she said.
Yutree, which holds Corporate Chartered status, underwrites a number of schemes including the British Insurance Brokers’ Association (BIBA)-endorsed Media & Entertainment and Liability products. The firm’s leadership said the MBO will help preserve its values while creating space for agile and intentional growth.
New structural changes are already underway, including the appointment of a non-executive director and preparations for a new office in Norwich. The company has also hired a new business development manager and expanded the role of finance director Becky Glover, now director of finance and technology. These changes reflect what the firm described as a growing focus on operational efficiency and technology-driven modernisation.
“We’re exploring new systems and smarter ways of working so our team can spend more time doing what they do best — advising, supporting and building relationships,” said Laura Hancock. “Our brokers will find it easier than ever to trade with Yutree. We’re also inviting new conversations around affinity partnerships, schemes and insurer collaborations.”
Kevin Hancock, now chief executive, echoed the firm’s dedication to remaining autonomous in a consolidating market.
“We are proud to be part of a growing movement of brokers choosing independence, service and long-term value over short-term exits,” he said. “This is a hugely exciting time for our team, our brokers and our partners. We’re ready to grow — and are excited to do it the Yutree way.”
Laura Hancock is scheduled to speak at the BIBA 2024 conference, where she will appear on the Broker Choices panel to discuss the strategic challenges and decisions facing brokers across the UK market.
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