A leading insurance broking and underwriting business, Simpson & Parsons has been acquired by Jensten Group in a multi-million pound deal. Jensten Group is backed by private equity firm Livingbridge, and as part of the deal Simpson & Parsons is set to become the northern regional centre of excellence of Jensten Group, servicing clients across Cumbria and the North of England.
Simpson & Parsons is an insurance broker and underwriter which has offices in Windermere and Kendal. The deal means the business will create an additional 20 staff and contribute more than £9m Gross Written Premium (GWP)to the Jensten Group.
With the Cumbrian and wider northern economy relying heavily on tourism, Simpson & Parsons has established itself as the broker of choice for accommodation and hospitality businesses. Using its in-depth understanding of client needs across the sector, the business has developed specialist products for hotels, guest houses, B&Bs, holiday homes and restaurants through its MGA, InsureUK.
Tim Parsons, CEO Simpson & Parsons, will be Regional Managing Director for the northern region. He said: “With Jensten, we’re joining a business where our established regional presence and focus on delivering great solutions for our specialist groups of clients is valued and seen as important. From the beginning it was clear to us that Jensten were the right people to partner with; their focus on our people, the cultural fit and the part we’d play in the wider strategy to grow gave us the confidence that joining the Jensten family was the right next step for the business.”
Alistair Hardie, Jensten’s CEO, said: “Simpson & Parsons gives us an additional regional centre of excellence as we focus on building a connected broker of scale. Our centres of excellence, whether regional or specialist, allow us to get close to our different client groups, building a comprehensive understanding of their needs. Having extensive underwriting and product capability as an integral part of our strategy means we are benefitting from our ability to build and distribute market-leading client propositions.”
The Shareholders of Simpson & Parsons were advised by Cavu Corporate Finance led by Sahil Nayyar, and by Adam Rayner, partner at Muckle LLP who worked on all corporate aspects of the deal.
Adam Rayner, from Muckle LLP, said: “I’m extremely proud to have supported Simpson & Parsons on this landmark deal. It has been a real pleasure to have worked with the senior team there and I’m delighted to have helped this successful Cumbrian-based business on a deal which represents an important milestone in its in history. I’d like to wish them every success as they continue to grow across Cumbria and the North of England.”
Sahil Nayyar, from Cavu, said: “We are delighted to have advised on the deal and to have delivered an excellent result for the shareholders. Simpson & Parsons have established themselves as a leading insurance broker and underwriter in the region under Tim’s leadership and will be a great addition to Jensten.
It has been a real pleasure to work with the team and we wish them the very best for the future.”
