UK-based insurance services provider Jensten Group has acquired specialist mid-market commercial broker Sydney Packett & Sons, to boost its offerings in the country.
Financial details of the transaction were not divulged.
Yorkshire-based chartered broker, Packetts specialises in commercial, not-for-profit, and training sectors.
Currently, it manages £13m in gross written premium (GWP).
The community broker will retain the Packetts and Trainsure brand name, post-acquisition.
Packetts CEO Marshall 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.
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“Jensten’s flexible and caring approach meant they stood out from the crowd and made them the obvious choice as our new owner.”
Packetts’ acquisition is part of Jensten’s ‘buy and build’ growth strategy, and its third acquisition in eight months.
Currently, the specialist broking and insurance group handles about £230m in GWP, targeting £500m in three-to-five years.
The company has over 90 Coversure franchises, focused mainly on the small commercial insurance market, while its broking operations is focussed on mid-market business.
Additionally, its in-house platform development business, Jensten Technologies, supports its wholesale operations comprising Policyfast, City Underwriters and Senior Wright.
Jensten Group CEO Alistair Hardie said: “We are delighted to welcome Packetts to the Jensten family.
“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.
“This acquisition underlines that we are the natural home for entrepreneurial mid-market and specialist community brokers keen to protect and build on their hard-earned legacy and who want to ensure both staff and clients remain central to the business.”