Aim-listed adviser bought for £258m

Aim-listed adviser bought for £258m

Jelf Group bosses have given the thumbs up to insurance broker Marsh for a take-over that values the employee benefits specialist at around £258m.

The deal, announced today (11 September), values Jelf’s existing issued and to be issued ordinary share capital at about £204m and the existing issued Jelf non-voting shares at about £54m.

Founded in 1989, Jelf has 37 offices across the UK and provides expert advice to more than 100,000 businesses and individuals on matters relating to insurance, healthcare, employee benefits and financial planning.

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Marsh stated that the deal will strengthen its presence in the large and mid-market companies segment. The firm recently bought Leeds-based SMEi Insurance Services, an independent broker which provides specialist commercial insurance to small and medium-sized enterprises across the UK, and Aberdeen-based insurance broker Central Insurance Services.

Mark Weil, the Marsh group’s chief executive for UK and Ireland, said: “This transaction underlines our commitment to set the standard for advice and products that meet the risk, financial services and insurance needs of individuals and companies of all sizes across the UK.”

Alex Alway, chief executive of Jelf Group, added that as their clients’ needs have evolved, the board and executive management team gave much thought about how best to meet their growing expectations.

“At the same time, we want to ensure that our colleagues are given the greatest opportunities to develop their careers. I am confident that this transaction is great news for our clients and colleagues alike.”

News of the deal first broke last month, with Jelf’s board confirming it was being advised by Fenchurch Advisory Partners, just days after the group bought Hertfordshire-based general insurance broker Libra Insurance Services for an undisclosed sum.