Preston firm completes takeover deal for insurance network business
Preston-based health insurance and protection business, Santé Group, has acquired a significant stake in Dorchester-based Sante Partners for an undisclosed sum.
Sante Partners was established in March 2020 by founder Adam Sherring who has more than 25 years of experience building successful insurance brokerages.
He launched the business to challenge existing insurance networks while providing growth-hungry appointed representatives (ARs) with the tools needed to build successful brokerages.
An AR is a firm or person who runs FCA-regulated activities by acting as an agent for a financial services business directly authorised by the Financial Conduct Authority (FCA).
Since its launch in 2020, Sante Partners now manages a premium book of £5.9m and is on target to double this figure to £12m by the end of 2022, with the Santé Group premium book also hitting £35m at the same time.
Sante Partners’ managing director, Adam Sherring, said: “Becoming part of the wider Santé Group will help us accelerate our growth plans.
“We’ll help a new breed of private medical insurance brokers develop their business by providing services that take the pain out of running a business and frees them up to focus on doing what they do best.
“As the world continues to change and employee benefits evolve to match market demands, we believe we have a strong proposition by utilising Santé Group’s technology and product portfolio.
“Our unique ‘brokerage in a box’ takes care of everything from access to new products, compliance to business and marketing support while also offering a mentoring service.”
Santé Partners will now form part of The Santé Group, which includes employee health insurance and wellbeing company Nugent Santé, life insurance business Santé Life, and PMI and protection intermediary services business ArchAngel Broker.
Santé Group’s chief executive, Paul Nugent, said: “The growth of Sante Partners has been hugely encouraging, bearing in mind the challenges that COVID presented, but welcoming the business into the wider Santé Group will accelerate its growth.
“It’s a perfect fit for us and offers our brands new routes to market by developing new distribution channels while giving private medical insurance professionals the chance to build a successful brokerage.”