Fast-growing private medical insurance specialist Chase Templeton has completed its second acquisition within a week with the purchase of specialist Glasgow intermediary Chartered Life.
Founded in 2009 by managing director Alan Christie Chartered Life is one of Scotland’s leading private health brokerages generating annual premium income of £2.4m. Specialising in PMI, critical illness and income protection it operates nationally but has a particularly strong client base in Scotland. Christie is to maintain a commercial relationship with Chase Templeton by becoming a self-employed consultant.
The deal follows the announcement last week by Chase Templeton that it had completed a deal to buy Ealing-based SJS Healthcare, another intermediary which, like Chartered Life, has a strong PMI book in the SME sector.
“Under Alan’s stewardship Chartered Life has become one of Scotland’s most successful PMI intermediaries,” commented Chase Templeton’s chief executive officer, Warren Dickson. “It’s a dynamic business and brings a strong and stable book to Chase Templeton. We are also delighted Alan will be supporting us as a self-employed consultant.”
Commenting on the sale Christie said: “Whilst keen to realise Chartered Life’s value I also wanted to ensure that the client base we nurtured over the years was going to be well cared for in future. I know and trust Chase Templeton through our previous trading history and will remain involved in my role as a self-employed consultant to secure future organic growth and value.”
The two acquisitions crown a highly successful six months for Chase Templeton and follow its purchase last month of Health Assist, another broker with a strong SME PMI book. The purchase of Chartered Life means the company has now added some £8m API to its books since last October and has easily broken through the £100m barrier.
The company, which is backed by Manchester’s Palatine Private Equity, has been pursuing an aggressive “buy and build” strategy which has seen it acquire 20 businesses and books since January 2013. That policy is set to continue and even gain pace throughout 2014 with a number of deals already pipelined for completion this month.
“Buy and build is proving an immensely successful model for us,” explained Dickson. “We have immediate access to significant funds with which to continue its pursuit and remain pro-active in seeking out new opportunities, be they wholesale purchases of PMI intermediaries, the PMI books of those for whom it is a non-core activity or individual consultants’ businesses.”
Employing over 60 staff at its Darwen headquarters and offices in Bridgwater, Somerset, the company now boasts turnover in excess of £12m.
Chase Templeton was advised by Shoosmiths’ Manchester office.