Essex-headquartered independent commercial and high net worth broker, Ascend Broking, has acquired fellow Chelmsford-based company, SMP Healthcare Insurance Brokers, as part of a strategy focused on significant growth over the next two years.
The six-figure acquisition provides multi-award-winning Ascend Broking with a new private medical insurance proposition for its mid-to-high-net-worth clients and will take its gross written premium (GWP) beyond £10m. The brokerage will be investing in its new business and keeping itself at the forefront of advice-driven, personal service.
Ascend, under the direction of managing director, Matthew Collins, and ex-Saffron insurance professional, David Beswick, who became commercial director in August, has its eyes set on GWP of £22m-£25m within 18-24 months.
Ascend Broking’s acquisition strategy differs from that of the big consolidators. It is based on partnering with brokers who share the same values and dedication to both customers and staff and who wish to take their businesses forward, as part of the Ascend team.
All SMP employees, including managing director, Lianne Harrington, will be retained and will only gradually move across Chelmsford, into Ascend HQ, in late Q1 2022.
Another three potential deals are being discussed at present. If these complete, Ascend Broking should hit £16-18m GWP within the next six months.
Each arrangement will be individually discussed with the broker involved and tailored to suit their goals, be those retirement, more family time, business development, additional income, or reduced business stresses. Ascend will manage each partner’s clientele with the same due care and attention provided to its own customers, delivering the high quality solutions that have given it such an outstanding track record since its foundation in 2017.
David Beswick is actively seeking new partners in Essex, East Anglia, the Home Counties and East London. Not all acquisitions will follow the SMP example of having staff physically move into Ascend HQ and partners could even operate from virtual offices.
David Beswick comments, “I am delighted to welcome Lianne and her team to Ascend. SMP Healthcare is a perfect fit for our commercial and high-net-worth clients and the way SMP operates mirrors our own practices and ethics. Coming together is a logical fit for two businesses so close geographically and which can add value to each other through our client bases. We see many synergies and, by welcoming SMP Healthcare on board, we are taking another major step in our short history.”
Matthew Collins comments: “I have known Lianne for over five years and we share the same outlook, in terms of providing an advice-driven client-first oriented service. I see this acquisition as a perfect strategic move and one which enhances our customers’ access to market-leading products.”
Lianne Harrington adds, “SMP is delighted to join the Ascend Group and have absolute confidence in its business model. As we combine two companies with such strong client focuses, we know the wellbeing of all customers will continue to be placed at the very heart of the business. We have a joint vision of providing all clients access to professional and expert advice and solutions and aim for this to cover the whole spectrum of insurance policies and markets, going forward. Remaining independent gives our clients flexibility and choice without prejudice, both now and in the future.”
SMP Healthcare was established in 2014 and provides access to a wide range of health and protection insurance policies for both individuals and corporates. Over the past 5 years, the team has built a first-class service-orientated business.
