CompaniesMay 13 2013

Jelf acquires Yorkshire insurance broker for £15.5m

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Financial services consultancy Jelf has agreed to acquire Yorkshire and Midlands insurance broker The Insurance Partnership Holdings Ltd in a deal worth up to £15.5m.

Jelf will pay an initial cash consideration of £8.9m and issue £3.1m in new shares to certain senior management and salespeople at TIP. A further payment of up to £3.5m will be tied to the company’s performance.

With this acquisition, Jelf’s gross written insurance premiums will increase by £53m to £235m. The company expects the deal to enhance earnings for the financial period ending 30 September 2014.

Jelf has said it will retain “key personnel” at TIP, including the management team led by Robert Worrell, who will become director of the Jelf Insurance Brokers board.

Alex Alway, chief executive officer at Jelf, said: “I am pleased that Rob Worrell has decided that being part of Jelf will enable him and his team to realise their ambitious plans for growth.”

In its interim results, Jelf reported steady financial performance year-on-year with revenues up 1.9 per cent at £35.9m and profit before tax up almost 13 per cent reaching £1.3m.