Jensten Group buys up Coversure member

The business, a member of Jensten’s franchise network, was founded seven years ago by John Palmer. It has offices in Poole, Weymouth and Croydon.

The acquisition will join Jensten Insurance Brokers becoming its fifth regional centre, with Palmer taking up the role of regional managing director and continuing to lead the teams within the business.

Being backed by Coversure has enabled me to grow my business more quickly and to a much greater size than I could have managed alone.

In January, Jensten confirmed the buy of Coversure Kidderminster following on from snapping up Coversure offices in Nottingham and Stamford last year.

Jensten-owned Coversure currently has more than 90 franchisees across the UK. The business said it expected to launch 10 new brokers within the network this year.

Model

Palmer said: “Seven years ago I took the plunge and started my own insurance brokerage. Coversure’s ‘business in a box’ model gave me the framework and support I needed to launch the business without worrying about getting bogged down by handling regulatory administration, managing client money, and performing all the other support roles provided by Coversure.

“The comprehensive package of back-office, insurer, and compliance services has allowed me to focus on looking after my clients and growing a successful business. Being backed by Coversure has enabled me to grow my business more quickly and to a much greater size than I could have managed alone.”

Deals

It is the third deal of the year for Jensten Group.

Along with the Kidderminster purchase it has bought schemes broker Darwin Clayton. The transaction in February added 44 staff, 2,300 clients and more than £20m in gross written premiums.

As previously revealed by Insurance Age, Jensten spent £36.2m on acquisitions in the year to 31 March 2022 having spent £36m in the prior financial year.

Pipeline

Rob Organ, retail managing director at Jensten Group, added: “John is a great example of what entrepreneurial insurance brokers can achieve with Coversure.

“The proven lifecycle model is attractive to individuals who are ready to start their own business, launching and growing a brokerage with the support they need, and when the time is right, selling the business and realising the value they’ve created – we describe it as a business in a box for insurance professionals.

“We’re seeing more and more people realise there’s a significant and realistic opportunity for them. At the same time, our wider ‘build and buy’ strategy is creating a significant pipeline of brokers, many of whom will choose to sell to us.”

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