The latest update from Ascend Insurance Holdings:
Ascend Insurance Holdings (AIH) has received FCA authorisation and enters the UK market as an alternative solution to regional insurance brokers backed with investment by leading European mid-market private equity firm Inflexion.
The formal completion of the deal and FCA approval kick starts AIH’s plans to build an alternative national presence broking platform by supporting independent regional broking houses across the UK with backing of up to £200 million.
AIH, based in Chelmsford, Essex, has already had preliminary conversations with around 10 broker firms since the original acquisition was announced.
It has identified a gap in the market facing entrepreneurial brokers who want to expand their businesses but are wary about joining large firms which can be bureaucratic, give less autonomy and have a greater focus on bigger clients, with the result that service suffers.
Matthew Collins, Chief Executive at Ascend Insurance Holdings, said, “We want to be the brokers’ broker and our purpose is to create a home in which a community of brokers can thrive.
“At the heart of our purpose is a belief that culture is the ultimate performance driver. Motivated brokers results in loyal clients, a sustainable business and an enduring legacy. By joining us, we want our brokers to become a culture-maker, not a culture-taker.”
AIH aims to build a platform, which removes brokers’ daily pain points and helps them win more and better business attracting top talent through targeted recruitment and mergers and acquisitions.
Group oversight will set strategy and common policies for the business with AIH running shared services such as IT, finance, compliance and internal audit.
Commercial hubs will be based in regions but will also include one based on business speciality. They will have full P&L ownership and be responsible for day-to-day decision making within group rules.
AIH is looking to bring in hub owners as well as brokers planning to exit the market and brokers interested in joining a more entrepreneurial business.
Early partner firms will help shape how the group evolves – from culture and operating standards to growth priorities – while benefiting from enhanced capabilities, access to talent and technology, and the opportunity to share in the long-term value created across the wider platform.
The new platform will support teams at brokers it acquires providing development opportunities within a larger group.
AIH’s first acquisition was Ascend Broking which specialise in commercial lines, healthcare and value-add risk management solutions. The business has grown to around 30 employees since launch in 2017 and has won 19 major industry awards. Founder Matthew Collins previously held senior roles at FMW, Oval and AJ Gallagher
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