7 June 2023Analysis

Acrisure buys up TEn insurance services

Acrisure has announced its acquisition of TEn Insurance Services.

TEn is a network that provides services for industry professionals operating as Appointed Representatives (ARs). As part of the acquisition, TEn will be marketed as Eleven Network. The deal is expected to close in the near term, pending FCA regulatory approvals.

“TEn has provided valuable services for nearly 20 years and has an extremely loyal membership of high-quality Appointed Representatives,” said Mark McIlquham, president of Acrisure UK. “By launching as the Eleven Network, we will take this operation to a new level of service and success, built upon an incredible foundation!”

The existing TEn management team, led by Dawn Derbyshire and Paul Sykes, will remain leaders within the Eleven Network. Acrisure has also made senior hires and appointments to augment the management team and support them with execution of strategic plans. These include: Andy Fairchild, former chief executive of Broker Network, as chair of Eleven Network; David Bruce, former Marsh Commercial chief executive and COO, as chief executive of Acrisure Networks and COO of Acrisure UK; Simon Cooter, most recently commercial lines and high-net-worth director at Covea, who will be a non-executive director of Eleven Network; and Shahram Shayesteh, former head of compliance at The Standard P&I Club, as chief risk officer for Acrisure UK Retail, including Eleven Network.

“We are privileged to have such loyal members of our network, many of whom have been with us for several years,” said Derbyshire. “We are excited to enhance the benefits of Eleven Network for those existing members as well as extending our proposition to the rest of the market.”

“Eleven Network is a transparent network that listens to and delivers for Appointed Representatives and independent brokers in the UK,” Bruce commented. “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.”