Acrisure picks up appointed rep service firm TEn Insurance

Global insurance broker  Acrisure has struck terms to buy TEn Insurance Services, a provider of services for UK appointed representatives.

“TEn has provided valuable services for nearly 20 years and has an extremely loyal membership of high-quality Appointed Representatives,” the president of Acrisure UK, Mark McIlquham, said.

TEn will go to market as Eleven Network and continue with its current offer, including bespoke services through e-trading and access to a client's own MGA and continue to offer transparent fee regime.

The existing TEn management team, led by Dawn Derbyshire and Paul Sykes, will remain leaders within the Eleven Network.

But Acrisure will top up the management structure with Andy Fairchild, former CEO of Broker Network, as Chair of Eleven Network.

David Bruce, former Marsh Commercial CEO and COO, steps in as CEO of Acrisure Networks and COO of Acrisure UK.

Shahram Shayesteh, former Head of Compliance at The Standard P&I Club, as Chief Risk Officer for Acrisure UK Retail, including Eleven Network.

Simon Cooter, most recently Commercial Lines and high-net-worth director at Covea will be a non-executive director of Eleven Network.

The deal is expected to close in the near term, pending FCA regulatory approvals.

TEn's top officer Derbyshire commented: “We are excited to enhance the benefits of Eleven Network for [our] existing members as well as extending our proposition to the rest of the market.”

The incoming CEO of Acrisure Networks and COO of Acrisure UK David Bruce added: "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.”

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