Chase Templeton has further strengthened its position within the SME sector of the company health insurance market with the acquisition of Wiltshire-based Healthcare Solutions.
The deal, concluded on 30 October and the 15th sealed by the company this year, brings some £700,000 in annual premium income (API) to the fast-growing broker. Nearly 90 percent of that API is currently generated by Healthcare Solutions SME clients, primarily through private health insurance.
Healthcare Solutions was the corporate vehicle of industry veteran Peter Frankum who at the age of 73 has decided to retire from the business. “Having spent many enjoyable and rewarding years building up a great book of loyal clients, predominantly small businesses, I felt now was the time to hand over the reins,” commented Mr Frankum. “Chase Templeton, with whom I’ve also worked with for many years, seemed a natural home. They have an excellent track record of successfully integrating the many businesses they’ve acquired and retaining clients by continuing to provide the high levels of service they demand.”
Jeff Tate, Chase Templeton’s mergers and acquisitions director, said Healthcare Solutions’ book offered a natural fit. “When it comes to company medical insurance and employee benefits whilst we do serve national and international corporates the SME space is really our sweet spot. Healthcare Solutions book will complement our existing strength in that space bringing an impressive roster of small businesses to Chase Templeton.”
Far from slowing the rate of the company’s acquisitions it is set to accelerate going into the final quarter of the calendar year. “The pipeline for 2016 is also looking very healthy indeed,” he said. Chase Templeton has now completed over 50 deals since securing backing in January 2013 from Manchester-based Palatine Private Equity and recruiting CEO Warren Dickson to lead a “buy and build” expansion strategy.
The company now manages policies valued at over £125m in API and protects more than 110,000 lives from its headquarters in Darwen, Lancashire and offices in Bridgwater, Somerset, which service its individual clients. Nearly 100 staff now work at those offices, a near doubling of the 2013 payroll figure
Chase Templeton was advised by Shoosmith’s Manchester office.