Record deal for medical insurance broker
CHASE Templeton, a leading player in the consolidating private healthcare insurance sector, has made its biggest-ever acquisition.
The Lancashire company, backed by Manchester investment firm Palatine Private Equity, has swooped for the assets of Kent-based healthcare broker Consilium Employee Benefits.
The deal adds £15m in annual premium income to Chase Templeton. The majority of the premium income – £13.2m is generated by SME clients. This means that Chase Templeton now manages in excess of £140m in API from its headquarters in Darwen, Lancashire and offices in Bridgwater, Somerset.
The latest bolt-on deal comes after the purchase in August of Atlas Consulting Group which brought with it £13.8m in API.
The sale of the business, for an undisclosed sum, will alllow Consilium founder and director Andrew Williams to step down after 27 years in the PMI industry.
Williams said: “Our exit strategy realises the full value of Consilium’s assets which we are now free to invest in fresh business ventures. It also gives us the confidence and comfort of knowing that our clients, whose loyalty we’ve strongly valued, will be very well looked after going forward.
“Chase Templeton realise the value of this and every other other deal they do is entirely dependent upon client retention, so they work very hard to deliver added value.”
Jeff Tate, Chase Templeton’s mergers and acquisitions director, said the deal would maintain the broker’s momentum in the SME marketplace. “Small and medium sized businesses account for some 90% of a book which Consilium has carefully nurtured over the years,” he said.
“With Atlas that means we have added around £29m in SME premiums in less than three months, significantly increasing our footprint in what is a strategically important space for our business.”
The deal is the 16th sealed by Chase Templeton this calendar year and it is expecting more to be completed before Christmas.
Warren Dickson, chief executive of Chase Templeton added: “There is absolutely no sign of our buy and build strategy losing momentum as those that are looking to sell see Chase Templeton as the natural first port of call. The industry knows that not only do we have the funds in place but the motivation and systems necessary in order to complete acquisitions swiftly and smoothly.”
Chase Templeton was advised by Shoosmith’s Manchester office.
