As Part of Acrisure, the UK-based Network Will Go to Market as “Eleven Network”
Acrisure has announced (7 June 2023) its acquisition of TEn Insurance Services Ltd (TEn). Since 2005, TEn has been the preeminent network providing services for industry professionals operating as Appointed Representatives (ARs). As part of the acquisition, TEn will go to market 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 Eleven Network is differentiated from the market’s current offerings by principles that include:
- Culture – Eleven Network is run for the benefit of its members. Eleven Network’s culture is one of total transparency. We have a fully transparent fee charging and remuneration structure, so every one of our broker and insurer partners know where they stand. Contracts are flexible and fair.
- Exceptional services – Eleven Network will deliver the core services better than anyone else. These will be the services that members most need to help their businesses thrive.
- Bespoke and exclusive products - We will deliver bespoke and exclusive member products, through E-Trading and access to your own MGA.
- One infrastructure – Eleven will operate with one infrastructure, supporting members’ long-term independence.
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 CEO of Broker Network, as Chair of Eleven Network;
- David Bruce, former Marsh Commercial CEO and COO, as CEO 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.
Dawn Derbyshire comented, “We are privileged to have such loyal members of our network, many of whom have been with us for several years. 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.”
David Bruce added, “Eleven Network is a transparent network that listens to and delivers for Appointed Representatives and independent brokers in the UK. 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.”
Andy Fairchild said, “Eleven Network will continuously listen to our members, operate with complete transparency to the market, and relentlessly deliver on our promises. The ambition, culture and technology in Acrisure provides the perfect home. Our journey starts today.”