Home / Insurance News / Phil Barton hails Clark Thomson purchase because the “good deal”

Phil Barton hails Clark Thomson purchase because the “good deal”

CEO says Jelf was beforehand underrepresented in Scotland and opens up on the potential for future offers.

Jelf CEO Phil Barton has mentioned the dealer’s buy of Clark Thomson will speed up its development technique and broaden its Scottish footprint.

Barton instructed Insurance Age: “This deal advances Jelf’s strategy and allows Clark Thomson’s clients to access the breadth of services within Jelf in addition to what they have had in the past.”

Barton added that the deal happened as a result of the 2 brokers had a number of “fundamental similarities”.

“Ben [Bailey, Clark Thomson MD] and I’ve recognized one another for a very long time and once we sat down to debate our respective companies we discovered a number of frequent floor,” he defined.

Barton added that it was a geographically nice match which may even add to Jelf’s SME providing.

According to the CEO, Jelf has beforehand been underrepresented in Scotland, with places of work in Aberdeen, Glasgow and Edinburgh.

“Clark Thomson is based in Perth and Dundee with a presence across the whole of Scotland including Inverness and Kirkwall,” he continued.

Jelf will mix its current Scottish operations and Clark Thomson right into a single business unit because of the deal.

Barton said that combining the groups wouldn’t result in any redundancies, as a result of there may be “little to no overlap” between the 2 companies.

He noticed: “We each have places of work in Glasgow which we’ll mix, however this deal is about development and increasing our geographic attain in addition to the service to shoppers of Clark Thomson.

“In business school terms it’s the perfect deal.”

The mixed business shall be led by Ben Bailey and a administration crew from throughout each Jelf and Clark Thomson.

In February final yr Clark Thomson revealed it was transferring from Open GI to Acturis and Barton confirmed the deal wouldn’t have an effect on this.

He mentioned: “When Ben and I sat down we found a lot of commonality and one of those was Acturis. This makes it easier to bring Clark Thomson into our business.”

The Scottish dealer is Jelf’s first deal because it was purchased by Marsh in 2015 as a part of a £258m takeover. Marsh additionally purchased Bluefin for £295m from Axa in November 2016.

Marsh introduced the 2 companies collectively and later rebranded Bluefin as Jelf.

“We’ve been considerably busy integrating the mixed Jelf and Bluefin SME business into Marsh and we spent a lot of 2017 doing the heavy lifting,” Barton famous.

He added: “Most of the integration process is now behind us and we saw the opportunity in our growth agenda to bring Clark Thomson into the fold.”

When requested if Jelf was now set to go on the acquisition path, Barton described the dealer as an “unusual acquirer”.

“We’re the final destination and we have no intention of selling any businesses that we buy,” he defined, including that he was solely fascinated about distributors “looking to sell for the long-term”.

He wouldn’t give a timeframe for any future offers, however famous that Jelf would solely purchase companies which add to its proposition, permit a geographic enlargement or deliver a novel functionality.

“We will not by for scale,” he careworn.

Barton concluded: “I want to be more relevant to more clients. We’re interested in brokers who are leading in their sector.”

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