Tysers Insurance Brokers has appointed Andrew Kendrick to be its new non-executive chair.
The firm said that Kendrick will take up his position from the beginning of December, pending regulatory approval. In the meantime, Peter Haynes will remain as chair until the FCA gives approval.
Kendrick is a former non-executive director of Lloyd’s of London, Lloyd’s Market Association, and Russian Reinsurance Co. He has more than 40 years’ experience in the insurance industry in the UK, Europe, and Bermuda. His executive career includes leadership positions with Chubb and Ace, culminating in the role of president and chairman, Chubb European Group. He began his career at Sturge Syndicate 210, and held several senior underwriting positions with Ockham Underwriting.
Mike Emmett, director of Tysers and CEO of AUB Group, said: “I am delighted to welcome Andrew to the board of Tysers. Andrew is a highly regarded leader in the Lloyd’s, London Market and European insurance industry and brings strong knowledge, expertise, and relationships in the London Wholesale Insurance market. His industry experience and understanding of the regulatory environment is highly valued and will add further depth to the Tysers board. I congratulate Andrew on his appointment and look forward to his contribution.”
Emmett’s comments come weeks after Tysers was acquired by AUB Group in a deal said to be worth £500m.
It was back in April that AUB confirmed that it was having ongoing discussions around acquiring Tysers. The announcement came amidst widespread reporting that the two firms had reached an agreement in which AUB had won a bidding war for Tysers. However, AUB sent out a brief release to clarify that while discussions have taken place, a resolution is yet to be reached.
Reports in the B2B media stated that the Sydney-based AUB Group was the frontrunner to take over Tysers, ahead of Ardonagh. In addition, it was reported that final terms were close to being agreed. Others said to be in contention at one point to buy Tysers were Miller and Austbrokers.
That announcement came at a point when Tysers had been selling off a number of its businesses and assets. In January, it was reported here that Xenia Broking Group had acquired its UK trade credit and surety business.
A month later, it was announced that an agreement to acquire wholesale broker Tysers from its current owner, Odyssey Investment Partners, for a sale price of AUD $880m. The purchase price implied at the time a 9x FY22 pro forma EBITDA, and with an additional deferred consideration of up to AUD $176m payable two years post completion, subject to Tysers’ achievement of agreed revenue growth targets with an upper bound of £220m.
