Employee Ownership Guarantees Independence

TEn Insurance Services, is proud to announce on the 4th July (Employee Ownership Day) it became majority owned by its employees, via an Employee OwnershipTrust (EOT) called TENT.

Incorporated in September 2004 and first started marketing its then unique network model in February 2005.  Membership now stands in excess of 90 brokers, most of whom have been start-ups comprising of Account Execs coming out of small/medium sized brokers who had then been consolidated.

Comments TEn director James Sharp; "The TEn business model has worked our very well since the summer of 2004. The only flaw in the plan was no credible exit strategy for the founders.  Of course, we all signed up to a shareholders agreement in 2005 that stated we would look to sell after 2010.

For some reason it never occurred to us that if were to build a network based upon start-up brokers and, having done so, we would then suddenly become concerned about our legacy and more than a bit fussy about who we passed it on to.  There was a moral responsibility involved that we had not previously spotted.

It consequently became impossible to contemplate a trade sale without admiting to a large dollop of hypocracy.

So, we are - all at the same time - a little bemused and rather proud of ourselves that we have ended up doing the ethical thing."

More Scottish members join the network

TEn Insurance Services is happy to announce that its broker membership in Scotland has increased to 11, with a further applicant due to join after the end August (2014).

The first two Scottish brokers who joined the network started in April 2006 and slow but steady progress has been made since then. The latest to join is Insure Scotalnd Ltd based in Inverness, a broker start-up run by Murray Macara.  

TEn managing director Malcolm Lee comments, "It has been very noticible this year how many new opportunities have presented themselves north of Hadrian's Wall, which has been very encouraging.  Indeed so encouraged have we been that we have just employed our first Scottish member of staff.

Kevin Donnachie has joined us a Broker Development Manager to look after our existing members needs and handle the enquires coming from prospective new ones; except for any former colleagues of his until after April 2015.  Although Kevin's role is one that will mainly keep him out and about - or working from home, we shall in due course establish - at first - a virtual presence and then a small branch office based in Glasgow (probably).

We have always believed in the concept of regional offices to support local brokers, hence Manchester in 2009 and this modest first step in Scotland now. I am sure this move will assist our development in Scotland over the forthcoming months and years, as Manchester did in the north of England five years ago.

Now, apart from anything else like enhancing our business opportunities, it was becoming unreasonable to expect a couple of soft sassenachs to travel so frequently into adverse climatic conditions.  We really needed somebody who was used to the weather."