Fast-growing private medical insurance specialist Chase Templeton has signalled its determination to maintain the momentum of its aggressive acquisition spree by further strengthening its Board.
The Darwen-headquartered intermediary has appointed former finance director Jeff Tate to the new and dedicated role of mergers and acquisitions director. Mr. Tate, who has been with the business since it acquired Preferred Medical in 2007, had increasingly been drawn into acquisition activity as the company accelerated its successful “buy and build” strategy.
Taking his place as finance director is Jamie McGivern, who steps up from his role as financial analyst which he took when joining the company last year. A chartered accountant Mr McGivern has extensive accounting experience – including four years with KPMG – and of working within businesses which, like Chase Templeton, have been backed by private equity. The remodelling of the boardroom follows a period of unprecedented acquisition activity which, within just two months, saw the company acquire a series of brokers and books, bringing in a further £9.4m annual premium income (API) to its books.
Chief executive officer Warren Dickson commented: “The strength and pace of our acquisitions under buy and build has necessitated an expansion of our executive finance function. By appointing Jamie, an exceptionally capable and highly experienced finance professional, to the board we are freeing up Jeff to focus exclusively on the swift and smooth completion of deals.”
The move was also welcomed by Palatine Private Equity which has backed the business since February 2013 and whose partner Ed Fazakerley said: “The business has successfully delivered a buy and build strategy and continues to show a strong trading performance. We are keen for the company to identify new growth prospects and make new acquisitions, which will further strengthen profits over the coming months.”
Acquisitions, combined with organic growth averaging around 10 percent, mean Chase Templeton now generates well in excess of £100m API across both its individuals and SME books. With turnover running in excess of £12m the company last year increased its staff by 40% and now employs over 60 people at headquarters and business PMI division in Darwen, Lancashire and in Bridgewater.
Mr. Dickson added that “buy and build” will remain at the heart of Chase Templeton’s growth strategy for the foreseeable future. “We have a highly successful and proven model that benefits brokers, consultants and IFAs keen to exit or partially exit an increasingly bureaucratic and heavily regulated sector. They are rewarded through receipt of a prompt and fair settlement of their business’s value whilst we benefit from the added value we can then build from our purchases. We will therefore continue to pro-actively seek out further acquisitions going forward.”