Marsh has announced an agreement between Marsh Networks, part of Jelf’s Direct & Partnership (D&P) division, and Ataraxia, a broker succession planning company, to support the medium to long-term succession plans for commercial insurance brokers.
Marsh Networks comprises Marsh ProBroker, Purple Partnership, and Bluefin Network – three of the UK’s leading insurance networks – which collectively serve over 250 firms across the country’s independent broking community.
Ataraxia provides a service to brokers which enables them to release equity from their business should a director wish to retire, generate funds for an acquisition, or simply to realise some of their capital.
As part of the agreement, Marsh Networks will introduce those broker members looking for investment in their business to Ataraxia while Ataraxia clients will be given the option to join Marsh ProBroker, Purple Partnership or Bluefin Network, depending on their individual needs.
David Hopwood, Head of Marsh Networks, commented: “Marsh Networks is committed to seeking solutions that meet the changing needs of our member brokers. Ataraxia provides a solution to our member brokers that do not want to sell, but instead are focusing on promoting existing staff or bringing new people into the firm as part of their succession plans, and want to release some equity into the business. Together with Ataraxia, we can help brokers achieve these ambitions while maintaining their independence.”
Adam Boakes, Director from Ataraxia, said: “By working with Marsh Networks we will be able to provide even greater trading support to our broker clients. Underpinning this, brokers will also have access to the support services offered by Marsh Networks.”