Springboard has supported the Jensten Group, a leading UK broking and Insurance Group on its fifth, and largest acquisition to date, the purchase of the Tasker Insurance Group. The deal includes Tasker Insurance Brokers, Tasker & Partners and Gresham Underwriting.
The Tasker Insurance Group is an insurance intermediary with a specialist retail broker, Tasker Insurance Brokers, a wholesale Lloyd’s Broker, Tasker & Partners, and Managing General Agent, Gresham Underwriting. Employing 100+ staff the Group provides insurance broking and risk management solutions to businesses and their people, as well as wholesale broking and underwriting services to other UK and Irish Brokers.
The Jensten Group was formed in 2018 following an MBO of the Coversure Group which was originally established in the UK in 1986. The MBO was supported by mid-market private equity firm Livingbridge LLP. The Jensten Group has a franchised and non-franchised retail broking operation supported by wholesale broking and underwriting capabilities. The Tasker acquisition is the third this year for the ambitious retail broking, Lloyd’s and London Market placement and specialist underwriting group following the addition of Packetts and Advance. Springboard has supported Jensten on all of these deals.
Alistair Hardie, Jensten Group CEO commented: “Tasker is an excellent business and a strong strategic fit providing us with enhanced scale in each of our core business areas – retail insurance broking, Lloyd’s and London Market broking and specialist underwriting. We are delighted to have completed the deal.
Hardie added: “Our innovative model for acquisitions, combined with the flexible proposition we offer to management, staff and clients, makes us an attractive alternative for high quality community brokers looking to find new investors.”
Jensten was advised by a Springboard team comprising Partner Simon Ward, Director James Bailey and Assistant Director Jamie Berry. James commented “Tasker represents a real milestone acquisition for Jensten and we are delighted to have supported the team through a highly competitive and complex process.”
Ed Hannan, CFO, Jensten Group
The acquisition of Tasker is our largest acquisition to date. Springboard provided us outstanding support and guidance at every stage of the process – they continue to form an invaluable part of our M&A strategy.