Chase Templeton seals second significant deal in a week
Acquisition-hungry Chase Templeton has sealed its second sizeable deal of this month with the purchase of Brighton-based intermediary Medical Insurance Advisers Limited (MIA).The transaction will bring over 700 clients and a further £1.5m in annual premium income (API) to the private medical insurance specialist. It follows the £6.3m API deal Chase Templeton announced earlier this week through its purchase of SME-focused Get Private.
Co-founded by chief executive officer Stephen Walker, Medical Insurance Advisers has been trading for some 20 years and, whilst having built a small SME book, predominantly served individuals.Having sold MIA Mr. Walker, who was chair of the Association of Medical Insurers & Intermediaries (AMII) between2004-07, is now retiring from the industry along with fellow director, shareholder and former AMII board member, Hazel Gregory.
“It was time to hand over the reins, realise the value of a business I and my colleagues have built over two decades and enjoy retirement,” commented Mr Walker. “I am grateful to Chase Templeton not only for the professional, courteous and satisfactory manner in which they conducted negotiations, but for giving myself and Hazel the comfort of confidence of knowing they will be well looked after in the future.“That matters a lot to both of us.”
MIA’s individual clients will now be served from Chase Templeton’s Individuals Centre of Excellence at its offices in Bridgwater, Somerset, with the corporate book being integrated into the sister SME centre at the company’s HQ.“Cultivating a business of the calibre of Medical Insurance Advisers takes more than expertise, it takes hard work and dedication too,” commented Jeff Tate, Chase Templeton’s mergers and acquisitions director. “People casually throw around the phrase ‘well-earned’ when discussing retirement but I can assure you it is thoroughly deserved in this case. “The baton has now been handed over to our Bridgwater team who I’m confident will be able to match the exceptional care, attention and advice from which MIA clients have previously benefited.”