Think targeting £30m GWP within three years

Bence joined the West Midlands-based broker last summer and it announced its first ever buy this April.

Snapping up Sovereign Insurance Services (Langley) took Think’s GWP to around £18m with the target at the time being £20m by the end of the year.

“We expect to be writing in excess of £30m GWP in the next three years, which will be achieved with organic growth, new distribution and another couple of acquisitions,” Bence updated.

“We are currently looking at two other brokers,” he confirmed. “We see the smaller brokers as a key focus area for us but we would not rule out medium brokers in the future. We can generally move to the timelines of the seller, and we do not have set timescales in place.”

The milestone Sovereign deal was hailed as a “perfect fit” when revealed by Think. Bence recalled it was a “quick and easy” decision to strike the deal.

“Their location was just a few miles from our offices, which meant that the team were able to move without any issues, and their local customers would still be able to enjoy local face-to-face contact where they wish to,” he detailed.

Commercial

The potential purchase had been referred to Think by a close business partner and Bence noted that Think was looking to expand its commercial book.

“A book of local commercial business is always attractive to us,” he confirmed. “The mix of business was all within our appetite.

“The owners of Sovereign were a pleasure to deal with and very clear and transparent throughout the process, which gives complete comfort when looking at any acquisition.”

The broker will get to the £20m target this year from growth in its four key areas, Bence stated.

“We are working very closely with our existing insurer panel and have added a few new key partners to ensure we can offer great cover for our customers. Our key products are motor trade road risks, motorhome, young driver telematics, and commercial insurance,” he listed.

Evolve

When Bence came on board he was tasked with developing relationships, delivering new products and driving new channels for the business.

He had been close to the team at Think since it launched in 2009, he recounted, and watched the business grow and evolve.

“I have always admired people who have the courage to start a new business from scratch, and grow their business into something as successful as Think Insurance,” he observed.

This, along with the four key trading areas, made the decision to for him to join very easy, he said.

Stating: “They have solid foundations and just needed some new ideas and contacts to help take the business to the next level, and I am genuinely excited to be a part of their journey.”

Size

Bence had moved across from Complete Cover Group, which he joined in 2020 as MD of broking. His CV also includes just under a year at Blink Intermediary Solutions, three years at Brightside and seven at Markerstudy.

He acknowledged that there was “obviously …. a sizeable difference” between Think and his previous companies.

Concluding: “But my role is still very similar and being a smaller organisation, it is sometimes easier to be agile and more proactive when making change or exploring new ideas.

“The senior team are highly engaged and very focused on improving all business areas to benefit our customers.”

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