Jensten acquires Packetts

Sydney Packett & Sons has joined the Jensten Group portfolio for an undisclosed sum, Insurance Age can reveal.

Packetts, which has 28 staff, was established by the Packett family in 1920.

Packetts, which is also a Chartered Broker, specialises in the commercial, not-for-profit and training sectors, and presently handles £13m gross written premium (GWP).

Team
The community broker celebrated its centenary in 2020 and is headed by Marshall Sugden, who will remain as managing director with the aim of leading further expansion of the business under Jensten’s ownership. The broker will retain the Packetts and Trainsure brands.

The move adds £13m in annual GWP to Jensten Group. Jensten currently controls around £230m GWP and is aiming to reach £500m within the next three to five years.

Packetts is the third acquisition in eight months for the specialist broking and insurance group. The deal follows on from those of Derbyshire-based professional indemnity specialist HTC Associates and Lloyd’s and London market wholesale broker Senior Wright last summer.

Values
Alistair Hardie, Jensten group chief executive, commented: “We are delighted to welcome Packetts to the Jensten family. Marshall and the team are an ideal fit with our existing business and share our group values and culture with a priority focus on high service standards and looking after clients.

“With the additional support and funding we can provide, the Packetts and Trainsure brands will flourish and grow, both organically and through bolt-on acquisitions and books of business in the North.”

Sugden added: “The team and I are excited about becoming part of Jensten, and look forward to taking Packetts to the next level of growth.

“Jensten’s flexible and caring approach meant they stood out from the crowd and made them the obvious choice as our new owner.”

M&A
Jensten’s insurance broking offering includes over 90 Coversure franchises, focused mainly on the small commercial insurance market and a wholly owned broking operation primarily focused on mid-market business. The group also has a wholesale operation made up of Policyfast, City Underwriters and Senior Wright, all supported by an in-house platform development business, Jensten Technologies.

The business is set for further deals in 2021.

Hardie added: “We are well-advanced with plans to acquire a number of brokers in the UK over the coming months demonstrating how our innovative model for acquisitions, combined with the flexible proposition we offer to management, staff and clients, makes us an attractive alternative for brokers looking to find new investors.”

Jensten rebranded from Coversure following an MBO by its directors and backing from Livingbridge in 2018.

Hardie replaced Bob Darling as CEO in August last year. He joined Jensten from CEGA and the move saw Darling shift to the role of chairman.

In 2020 the business signalled its intent to push forward with acquisitions.

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