Buy-out agreement for brokerage trio
A NEW insurance broking business has been created in Suffolk through a management buy-out from Henderson Insurance Brokers.
Andrew Thompson & Associates Insurance Brokers is led by Andrew Thompson, formerly manaing director of the south-eastern region of Henderson, which opened an office in Ipswich in October 2008.
He is joined in the new business, based at Epsilon House, on Ransomes Europark, Ipswich, by co-directors Chris Marsh and Helen Peck.
The deal sees Mr Thompson achieve a life-long ambition of running his own business.
“Henderson gave me the opportunity to do this in my own right,” he said. “It was a surprise but a nice surprise, and the board had to sanction this, which they did.
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“It was then a case of working with the FSA (Financial Services Authority) and getting clients on board and putting in plans for the future.”
After a long career in the insurance sector, Mr Thompson says he has a clear vision of the kind of service-based organisation he wants to establish, using his professional broking skills and Henderson’s tried and tested model offering a consultative-style client-focused approach.
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The business already has a healthy client portfolio including several household names in East Anglia and prestigious London- based property and technology companies. Locally, the list also includes manufacturing companies, the professions, food processing, recycling, haulage, construction and hotels.
Mr Thompson said the decision to bring in colleagues Chris Marsh and Helen Peck as directors would give the company a sound launch pad and also rewarded them for their hard work in establishing the client portfolio.
“It was the right thing to do for the company and for us. In my career I have learnt to value those I work well with and the three of us have a great relationship and this will give the company a great start,” he said. “We will also expand the workforce with the plan to add more staff by the end of the year.”
Mr Thompson started in insurance at the age of 16 and from the beginning had an ambition to run his own business. At the age of 21 he went to work at Willis, which he describes as “a fantastic learning ground”, while the switch to Henderson more recently gave him the opportunity to shine in an independent company, particularly in offering better service, particularly during the claims process.
“It is an exciting move for us and the chance to really put our stamp on the business,” added Mr Thompson..
“We have high retention rates throughout our client portfolio and that is always a good indicator of client service, and we look forward to forming relationships with more local businesses as we develop.”