Hungry Chase Templeton in deals treble
LANCASHIRE private medical insurance specialist Chase Templeton has completed three further bolton-on acquisitions, taking its 2014 total to 26.
The Darwen-based company, which is backed by the Manchester’s Palatine Private Equity, says the new deals will add around £2m in annual premium income (API).
One of the deals is for the SME-weighted PMI book of Southport-based Ludlow Wealth Management Grou, which has exited the PMI market.
Chase Templeton has also bought Private Medical Insurance Advisors of Andover, Hampshire, and JVA Healthcare Services Ltd of Pinner, west London. Both companies served business and individual PMI markets but with strong biases towards the SME sector.
Mergers and acquisitions director Jeff Tate said: “These three new acquisitions, the latest in a long line, further strengthen Chase Templeton’s presence within the SME market in which we are now a major player.
“The purchase of Ludlow’s PMI book also marks a significant milestone as financial planners and IFA PMI books are very much on our shopping list. For most IFAs PMI is increasingly unprofitable, an unwelcome diversion from their core profit centres and we therefore expect the sector to provide further acquisition opportunities going forward.”
The acquisitions crown a busy year for Chase Templeton. Since securing backing from Manchester’s Palatine Private Equity in February 2013 the company has completed 38 deals to boosted API by around £34m.
The new acquisitions bring Chase Templeton’s annual premium income to well over £100m, with its turnover now well in excess of £13m. To manage integration of acquired businesses the company has increased its staff numbers to nearly 70 and has plans to recruit further next year.
The Manchester office of national law firm Shoosmiths advised Chase Templeton on the latest deals.