Multimillion-pound takeover of Cumbrian insurance broker will create 20 jobs
A Cumbrian insurance broking and underwriting business has been acquired in a multimillion-pound deal that will create 20 jobs.
Simpson & Parsons has offices in Windermere and Kendal and has been acquired by London-based Jensten Group for an undisclosed sum.
Jensten Group is backed by private equity firm Livingbridge.
Following the acquisition, Simpson & Parsons will become the northern regional centre of excellence of Jensten Group, servicing clients across Cumbria and the North of England.
Simpson & Parsons is expected to contribute more than £9m gross written premium to the Jensten Group.
With the Cumbrian and wider northern economy relying heavily on tourism, Simpson & Parsons has established itself as the broker of choice for accommodation and hospitality businesses.
The business has developed specialist products for hotels, guest houses, B&Bs, holiday homes and restaurants through its MGA, InsureUK.
Tim Parsons, Simpson & Parsons CEO, will be regional managing director for the northern region. He said: “With Jensten, we’re joining a business where our established regional presence and focus on delivering great solutions for our specialist groups of clients is valued and seen as important.
“From the beginning it was clear to us that Jensten were the right people to partner with – their focus on our people, the cultural fit and the part we’d play in the wider strategy to grow gave us the confidence that joining the Jensten family was the right next step for the business.”
Alistair Hardie, Jensten’s CEO, said: “Simpson & Parsons gives us an additional regional centre of excellence as we focus on building a connected broker of scale.
“Our centres of excellence, whether regional or specialist, allow us to get close to our different client groups, building a comprehensive understanding of their needs. Having extensive underwriting and product capability as an integral part of our strategy means we are benefiting from our ability to build and distribute market-leading client propositions.”
The shareholders of Simpson & Parsons were advised by Cavu Corporate Finance, led by Sahil Nayyar, and by Adam Rayner, partner at Muckle, who worked on all corporate aspects of the deal.
