The Jensten Group, the London-based independent insurance brokerage group, has acquired specialist broker Bellegrove, giving the group a significant presence in the UK motor trade and fleet insurance market.
The deal, which is subject to regulatory approval, brings £15 million ($18.3 million) in gross written premiums (GWP), 3,000 customers and 37 employees to the group. Financial details of the acquisition have not been disclosed.
Based in Bexleyheath, England, Bellegrove provides insurance and risk management solutions under the Direct Motor Trade brand to over 2,500 garages across the UK, from sole traders to national franchises. Bellegrove also has a large fleet insurance book with a focus on the drivers and construction industries.
The acquisition brings Jensten additional expertise and scale in the motorcycle trade sector and will be further developed under the Direct Motor Trade brand.
Combined with Jensten’s existing auto trading business and Jensten Underwriting’s in-house product expertise, the company offers an attractive proposition to the entire auto trading industry, Jensten said in a statement.
Jensten said it regularly acquires, invests and develops industry-focused “practices.” Direct Motor Trade will sit alongside the group’s other leading practices, including Tour Operators, Tech & Life Sciences and PI & Medmal.
Bellegrove co-founders, joint directors Matthew West and Robert Creedon, will remain with the company to lead the specialty’s growth.
“I am delighted to welcome Bellegrove to the Jensten family as we continue to plan to grow our specialties,” said Rob Organ, general manager of Jensten Retail. “The addition of Bellegrove brings real capabilities to the group and, combined with Jensten Underwriting’s product expertise in this area, gives us an enviable proposition across the automotive trade value chain, enabling us to continue to provide customers with an excellent level of service .”
“Having looked at the usual network of buyers, it was clear to us very early on that Jensten was the right home for our clients and staff. They share our customer-centric focus and broader ambitions for organic and acquisitive growth,” said Matthew West, president of Bellegrove.
“As part of the Jensten Group, we are now in a position to accelerate our ambitious growth plans to become the largest motorcycle trading broker in the UK,” said Robert Creedon, director of Bellegrove.
“With our Buy and Build approach, we partner with broker founders to grow and deliver their high-value business for clients; and with Build and Buy, we help enterprising insurance brokers start their own business with the Coversure franchise network, scale it up and then realize the value when they leave,” said Alistair Hardie, Group CEO. “This is our sixth high-value acquisition since the summer, with more to be announced soon.”
Source: Jensten Group
Mergers & Acquisitions Agencies