The latest from Yutree Insurance;
Independent insurance broker and underwriting agency Yutree Insurance has completed a management buyout (MBO), positioning the business for its next phase of growth under the leadership of long-standing directors Laura Hancock and Kevin Hancock.
The move comes at a pivotal time for the insurance broking sector, with increasing numbers of firms selling to consolidators or private equity. Yutree is deliberately bucking that trend – doubling down on independence, broker partnerships and client focused sustainable growth, rather than scale for scale’s sake.
Laura Hancock, Managing Director, commented:
“The business reached a crossroads. With two founding shareholders stepping away, we faced a clear choice – sell the company, or take full control of its future. Kevin and I knew that this wasn’t the time to walk away. Yutree has great momentum, an exceptional team, and a strong reputation in the market. We’re proud to have chosen the challenging, but far more rewarding path: investing in our independence and building something for the long term.”
This strategic evolution is already being realised with a new Non-Executive Director, planning for a new office in Norwich, the hiring of a new Business Development Manager, and the realignment of responsibilities for Finance Director Becky Glover who is now Yutree’s Director of Finance and Technology – strongly signalling Yutree’s intentional focus on operational efficiency, modernisation and growth through technology.
“We’re exploring new systems and smarter ways of working so our team can spend more time doing what they do best – advising, supporting and building relationships,” said Laura Hancock. “Our brokers will find it easier than ever to trade with Yutree. We’re also inviting new conversations around affinity partnerships, schemes and insurer collaborations. The door is open.”
Yutree, which is a Corporate Chartered firm, and underwrites several schemes including its BIBA-endorsed Media & Entertainment and Liability products, says the MBO gives it the agility and clarity needed to evolve, while staying true to its core values.
“We are proud to be part of a growing movement of brokers choosing independence, service and long-term value over short-term exits,” added Kevin Hancock, Chief Executive. “This is a hugely exciting time for our team, our brokers and our partners. We’re ready to grow – and are excited to do it the Yutree way.”
Laura Hancock will be speaking on the Broker Choices panel at BIBA 2024, joining other market leaders to discuss the key strategic decisions facing brokers today.
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