Acrisure has announced its capture of TEn Insurance Services, which will go to market as Eleven Network.
Since 2005, TEn has been a network providing services for industry professionals operating as appointed representatives (ARs).
Furthermore, the Eleven Network intends to differentiate itself with a few principles:
- Culture: Eleven Network is run for the benefit of its members and one of total transparency. This means fee chargins and remuneration structure is clear and everyone knows where they stand. Also, contracts are flexible and fair;
- Exceptional services: Delivering core services better than anyone else;
- Bespoke and exclusive products, and
- One infrastructure: Eleven will operate with a single infrastructure to support members’ long term independence.
Furthermore, the existing TEn management team, led by Dawn Derbyshire and Paul Sykes, will remain leaders within the firm.
Hires were also made, including:
- Andy Fairchild, former CEO of Broker Network, as chair of Eleven Network;
- David Bruce, former Marsh Commercial CEO and COO, as CEO of Acrisure Networks and COO of Acrisure UK;
- Simon Cooter, most recently commercial lines and high-net-worth director at Covea, who will be a non-executive director of Eleven Network; and
- Shahram Shayesteh, former head of compliance at The Standard P&I Club, as chief risk officer for Acrisure UK Retail, including Eleven Network.
Reaction to the deal
“TEn has provided valuable services for nearly 20 years and has an extremely loyal membership of high-quality Appointed Representatives,” said Mark McIlquham, president of Acrisure UK. “By launching as the Eleven Network, we will take this operation to a new level of service and success, built upon an incredible foundation!”
Derbyshire added: “We are privileged to have such loyal members of our network, many of whom have been with us for several years. We are excited to enhance the benefits of Eleven Network for those existing members as well as extending our proposition to the rest of the market.”
Commented Bruce: “Eleven Network is a transparent network that listens to and delivers for Appointed Representatives and independent brokers in the UK. TEn is known for its fairness and transparency, values that will remain sacrosanct under the new ownership, supported by Acrisure’s own mission to be the most trusted advisor in the industry. By keeping the same leadership team in place, the takeover has ensured continuity where it matters, while bringing transformation to areas of the business that are ripe for development.”
Continued Fairchild: “Eleven Network will continuously listen to our members, operate with complete transparency to the market, and relentlessly deliver on our promises. The ambition, culture and technology in Acrisure provides the perfect home. Our journey starts today.”
The deal is expected to close in the near term, pending FCA approval.