Chase Templeton seals biggest ever acquisition
Private medical insurance specialist Chase Templeton has sealed its biggest deal under its ongoing buy and build strategy with the acquisition of Rochdale-based Atlas Consulting Group.[caption id="attachment_21898" align="f-align-medium-right f-align-center" width="300"] Warren Dickson[/caption]
The purchase brings in £13.8m annual premium income, driven mainly by larger SME and corporate clients. In addition, whilst co- founders and directors Jon Tuer and Liz Magnall are leaving to focus on their other business interests outside of insurance, all the remaining Atlas staff have joined Chase Templeton.Commenting on the reasons for sale Jon Tuer said: “Whilst Liz and I were keen to fully realise the value of our shareholdings in order to focus on our other business interests, we were equally keen to ensure both our staff and clients were going to be well looked after going forwards.
“We were also greatly reassured by Chase Templeton’s proven track record in successfully integrating acquired businesses.”The deal - the fifth the company has concluded this year and the 49th since it secured the backing of Palatine Private Equity in 2013 - means the broker now generates over £125m API.
Warren Dickson, chief executive officer, said: “Not only is this the biggest deal we have concluded, strategically it is one of the most important.“It will enable us to further build our business by widening our footprint into the larger SME and corporate market in which Atlas has historically been strong performer. This supports a wider strategic aim to be among the UK’s top five SME medical insurance brokers by the close of the year.
“Another key benefit is that thanks to the exceptional calibre of the Atlas staff who are now joining us, we are gaining further depth and breadth of expertise.”The deal also reaffirms the company’s previously stated commitment to drive through fewer but bigger acquisitions this year having completed no fewer than 26 purchases of brokers and books in 2014. It also means the business now employs nearly 100 staff, almost twice as many as when Dickson was appointed in March 2013 following the securing of Palatine’s backing. The company, which was founded in 2002, now protects over 110,000 lives.