Tedaisy Insurance Group and Intrinsia Insurance Group have merged under the umbrella of Tedaisy Insurance Group (Tedaisy), in a strategic all share deal to accelerate growth. The merger unites four trading entities in which Tedaisy now holds 100% of the equity:
• Alpha Underwriting, an MGA specialising in travel, accident and health and pet insurance.
• Practice Cover, an insurance broker specialising in providing insurance solutions to medical professionals and surgeries.
• Intrinsia Brokers, trading as perfectpetinsurance.co.uk, selling online pet insurance.
• Intrinsia Claims, an in-house pet insurance claims specialist.
Paul Byrne, Group Chairman, CEO and majority shareholder, advises the group is set to manage over £25m of GWP in 2020, creating brokerage revenues in excess of £6.5m. “We have some amazing plans on how we are going to manage our insurance performance to reach our potential, and in my 20 years of being an entrepreneur in the insurance industry, this is without doubt, the most exciting project I’ve been involved with”, says Paul.
The groups, which previously had common shareholders, will pool resources and capital to develop the businesses, which includes establishing a shared group services division.
Finance, HR, compliance, IT, quality control and binder management performance are services that will be provided to all group companies by a centralised team, headed up by Donna Sweetman, who will be stepping down as the Managing Director of Alpha Underwriting to take on the new role.
As a result of Donna’s internal move to become Managing Director of Tedaisy’s Group Services, Tedaisy seeks to appoint an ambitious candidate to fill the MD position and drive Alpha forward. Paul Byrne will remain as Group Chairman and CEO. In the meantime, Donna and Paul will continue to oversee the Alpha business. Paul comments “We are always on the lookout for exciting people to join our existing talented workforce and Tedaisy is going to be a great place to be over the coming years.”
Donna Sweetman, MD of Tedaisy Group Services says, “I have enjoyed my time as MD of Alpha, but this new Group Services role was too exciting an opportunity for me to turn down! I will use my 25+ years of insurance experience to lead my team in providing excellent services to the group companies to give them the best possible chance of exceeding their goals. Together, as a team, we will all work to make sure the Group achieves and excels in everything we do.”
Natalie Surtees, MD of Intrinsia Brokers commented, “Our brand Perfect Pet is going from strength to strength, attracting circa 3,000 new customers every month. We are now in the process of hiring quality key staff in operations and marketing and IT, to make sure our infrastructure keeps pace with our growth. These new hires enable me to concentrate more on growing the business and developing new and exciting opportunities.”
Natasha Reynolds, MD of Practice Cover says, “I am the newest member of the senior management team, only having joined in December 2018. The growth, the plans and the excitement I have seen in this relatively short period has blown me away and I am so excited to be part of this journey. Bringing the group together enables me to concentrate more on the growth of my part of the business, knowing that our core services are being looked after centrally.”