The Jensten Group, the London-based independent insurance broking group, has acquired specialist broker Bellegrove, providing the group with a significant presence across the UK motor trade and fleet insurance market.
The deal, which is subject to regulatory approval, brings £15 million ($18.3 million) of gross written premiums (GWP), 3,000 clients and 37 staff to the group. Financial details of the acquisition were not disclosed.
Based in Bexleyheath, England, Bellegrove provides insurance and risk management solutions under the Direct Motor Trade brand to over 2500 garages across the UK, from sole traders to national franchises. Bellegrove also has a large fleet insurance book with a focus on the chauffeur and construction sectors.
The acquisition brings additional expertise and scale in the motor trade sector for Jensten and will continue to be developed under the Direct Motor Trade brand.
When combined with Jensten’s existing retail motor trade business and the in-house product expertise of Jensten Underwriting, the business offers a compelling proposition for the whole motor trade industry, said Jensten in a statement.
Jensten said it regularly acquires, invests, and develops sector-focused “practices.” Direct Motor Trade will sit alongside the group’s other leading practices, including Tour Operators, Tech & Life Sciences and PI & Medmal.
Bellegrove’s co-founders, joint Managing Directors Matthew West and Robert Creedon, will remain with the business to lead the growth of the specialism.
“I am delighted to be able to welcome Bellegrove to the Jensten family as we continue to move forward with plans to build out our areas of specialism,” commented Rob Organ, managing director Jensten Retail. “The addition of Bellegrove brings real capability to the group and, combined with Jensten Underwriting’s product expertise in this area, provides us with an enviable proposition across the whole motor trade value chain, which will enable us to continue to provide clients with a superb level of service.”
“Having reviewed the usual network of buyers, it was clear to us very early on that Jensten was the right home for our clients and our staff. They share our customer-centric focus and wider ambitions for organic and acquisitive growth,” Matthew West, Bellegrove director, said.
“As part of the Jensten Group, we are now able to accelerate our ambitious growth plans to become the UK’s leading motor trade broker,” according to Robert Creedon, Bellegrove director.
“With our Buy and Build approach, we work with broker founders to keep growing their high-quality business and delivering for clients; and with Build and Buy we help entrepreneurial insurance brokers launch their own business with the Coversure franchise network, scale it and then realise the value when they exit,” said Alistair Hardie, group chief executive. “This is our sixth high-quality acquisition since the summer, and more will be announced imminently.”
Source: Jensten Group
Mergers & Acquisitions
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