We are pleased to announce that we have further boosted our presence in the SME sector with the acquisition of London-based intermediary Get Private Limited.
The deal brings £6.3m annual premium income (API) to the Chase Templeton, some £6.1m of which is generated by SME clients. The acquired business will be integrated into our SME Centre of Excellence located at our headquarters in Lancashire. The purchase follows the May 2014 acquisition of Get Private Limited’s individual book, a move which brought in £2m in individual health insurance premiums.
Get Private was founded in 2001 by managing director Marc Benjamin who following the sale will pursue other business interests, including acting as an Appointed Representative for Chase Templeton focusing on new business growth.
We have previously signalled that we would pursue “fewer but bigger transactions” in 2015 as our buy-and-build strategy matures.
“This is one of the larger deals we’ve done and one that demonstrates how buy-and-build is being refined in line with the maturity of the business,” commented mergers and acquisitions director Jeff Tate. “It adds a serious slice of premium income from a high quality portfolio which is embedded within the SME niche in which Chase Templeton is arguably the fastest-growing player. Whilst we serve, and serve well, large national and international corporates. SMEs are really our sweet spot.”
Explaining the motivations behind the decision to sell Mr. Benjamin, who has worked in the financial services industry for nearly 30 years, said: “When divesting both our individual and SME businesses we have been able to fully realise the value of the business. Clearly that was important but equally so was the confidence we had that Chase Templeton would take good care of the clients we have advised and nurtured over many years.
“The buy-and-build model they are so successfully implementing is by definition predicated on them retaining and growing acquired books. From my experience in dealing with Chase Templeton I know they do take exceptional care of the clients they inherit.”
The Get Private acquisition also underlines our previously stated intention to aggressively target the SME space and follows the recent recruitment of former Simplyhealth executive Gillian Adams to lead the SME team.