The Jensten Group, the London-based independent insurance broking group, has acquired specialist commercial broker Basil Fry & Co. for an undisclosed amount.
The latest deal, which is subject to regulatory approval, will bring an additional £25 million of gross written premiums (GWP), 41 staff and more than 2000 clients to the Jensten Group and is the second specialist, sector-focused broker acquisition to be announced in the last seven days.
Established over 50 years ago and based in Leatherhead, Surrey, England, Basil Fry is the market leader in providing insurance solutions to the UK’s removals, storage and self-storage sectors. The broker is well known throughout these sectors, and the insurance industry, due to its expertise and established cross-class schemes, said Jensten in a statement.
Managing Director Greg Wildman will continue to lead the business, reporting to Jensten Retail Managing Director Rob Organ. The business is well positioned to grow further in the UK and Europe and will benefit from Jensten Group’s proven capability to acquire, invest in, and grow sector-focused ‘practices’ having several market leading specialisms already within the group.
This is the seventh acquisition announced by Jensten since August and follows the announcement last week that saw the group acquire specialist motor trade broker Bellegrove.
“Jensten focused on the two most important areas of our business right from the beginning – our clients and our staff. We had various opportunities to consider elsewhere but it was clear that our shared ethos would make this transition a success,” commented Basil Fry’s Managing Director Wildman.
“After significant sustained growth for many years, we needed to find a powerful partner to develop our service offering both in the UK and in Europe and we are very excited about the opportunities that Jensten will provide to us,” he added.
“Basil Fry is the market leader in its chosen sectors and another top-quality brokerage that has chosen Jensten as its acquisition partner. I look forward to welcoming a further 41 talented colleagues to the Jensten family,” said Alistair Hardie, group CEO Jensten Group.
Source: Jensten Group
Topics Mergers & Acquisitions Agencies
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