Hines advises on the sale of Ascend as Inflexion launch new UK commercial insurance broking platform

Hines is delighted to have acted as exclusive lead adviser to Ascend Broking Group (“Ascend”) in connection with Inflexion’s launch of a new UK commercial insurance broking platform.

Ascend, based in Chelmsford, Essex, specialises 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, who previously held senior roles at FMW, Oval and AJ Gallagher, will be the Group Managing Director of the acquisition platform.

Inflexion has a strong track record in building market leading regional brokers. In 2017 it acquired and merged Bollington Insurance Brokers and F Wilsons Insurance Brokers, creating the largest independent broker in the North of England.  Inflexion subsequently acquired insurance broker David Roberts & Partners in February 2021, completing 13 acquisitions in three years. Ascend is the first of several acquisitions of insurance brokers Inflexion plans to make through its platform with the aim of building a group of between four and six regional broking powerhouse hubs across the country.

The new platform will champion the regional insurance broking market by taking on the operational burden that increasingly weighs on independent brokers from regulatory compliance to IT systems, infrastructure and back-office finance. This frees founders and their teams to focus on what they do best and enjoy most – looking after clients and developing their people.

Dominic Clark, Investment Director at Inflexion, commented, “We are designing the platform to attract hub firms, facilitate bolt-on M&A and build a group with a coherent backbone across strategy, talent and services. Founders joining us now will help to shape the development of the business and be culture-makers.”

Malcolm Coffin, Partner at Inflexion and Head of the Enterprise Fund, commented, “Inflexion has a strong track record in the insurance broking sector, which has informed a deep understanding of what entrepreneurs in this industry value and need in order to grow. We are committed to building this new platform in a way that emphasises partnering with business owners and their teams, and championing independent broking.”

Matthew Collins, Ascend Broking Group Managing Director, commented, “Inflexion stood out as a partner because they are building a group that takes the operational burden off brokers’ shoulders empowering us to focus on what we do best. With Inflexion, I am helping to build an alternative model in the marketplace.” Matthew added, “I chose to work with Hines because of their market-leading sector expertise, integrity, and ability to think beyond conventional approaches. Their access to a wider, highly relevant buyer pool – through direct relationships with key decision makers – set them apart.”

Dilipe Arul, Partner at Hines, commented, “This transaction marks continued investor confidence in the UK commercial broking sector, as well as our proven capability and reach in accessing diverse sources of capital. Hines continues to play a leading role in shaping the market, and we remain highly active across the insurance value chain. We look forward to making further exciting announcements early this year.”

Image provided by Canva

Alicia Ward