Bain Capital to Acquire Jensten Group, a Leading UK Insurance Distribution Platform
| Insurance

2025 continues to see further acquisition opportunities in the insurance market, with news recently of Bain Capital intent to acquire commercial broker Jensten Group, from Livingbridge due to close by the end of 2025 (financial terms were not disclosed).

 

With Bain Capital sale of esure to Ageas announced earlier in April (expected to gain FCA approval by the end of the year) it’s an interesting move by the private equity firm to pivot its investment focus aware from UK personal lines and into the broker market.

 

Bain’s track record in digital and operational transformation is evident under esure. Most notably, the transformation of their IT estate under the EIS policy administration platform has accelerated the much needed operational efficiencies. As cited by Luca Bassi, Partner at Bain Capital:

 

“We are pleased to have supported esure through its transformation and growth journey. During our ownership, esure has built the leading tech platform in UK insurance and their highly efficient operations have set a new standard for the industry[1].”

 

The acquisition also signals continued confidence in the UK Broker market, given the recurring revenue model this presents to an investment portfolio, as well as wider market opportunities, to shape further operational efficiency gains through technology investment in Jensten Group. Undoubtedly, the broker market  will continue to see consolidation – a trend we have seen in the last decade. Bain recognises this, and sees a platform like Jensten with a proven acquisition capabilities and multi-channel distribution models, as a vehicle to capitalise on future consolidation opportunities. Matt Cannan, a Partner at Bain Capital, highlighted Jensten’s strengths

 

“Jensten is a highly respected platform with a national footprint, broad product offering and a proven M&A engine. We believe there is significant potential to accelerate Jensten’s organic growth journey, utilise data for strategic decision making and add further value by leveraging the company’s scale and forming partnerships with insurers[2]“.

 

The acquisition is at time of significant consolidation in the UK insurance broker market, though activity has slowed some what in 2025. The most significant deal being the £12.bn merger between Markersudy and The Ardonagh Group in March 2024. According to MarshBerry analysis (see fig1), 2024 saw 152 M&A transactions in the UK intermediary arena, but 2025 has experienced a 35% decline in deal volumes through the first half of the year[3].

 

Fig 1[4].

What is of interest of note is that fact the largest of deals have been driven by private equity back firms, either directly – BPL, Seventeen Group and JMG Group, and indirectly, with Miller, PIB, Ardonagh, Clear and SRG.

 

At an insurance macro level, we continue to see a softening market, although personal lines markets have broadly reported strong margin growth in the sector. With a soft market comes increased ability to place risks. However, this does have a knock on impact to the broker market ability to maintain clients and income levels – especially if premium levels are fluctuating at renewal.

 

Irrespective of the potential headwinds, the broker market remains resilient, and one that can provide a portfolio diversification for any private equity firm – which is why it remains of interest to investors.

 

Importantly, prior to, or during an acquisition of this nature, key questions should be considered (along with many more) as firms seek to transform the business operations.

 

“Does the organisation have the right business processes in place to be successful?”,

“Is the technology set up to deliver and accelerate the core business processes?”,

“Does the organisation have the right people to execute what is required?”

“Is the culture aligned to support and drive a high performing team ethos”

 

Here at Simplify Consulting we are committed to delivering the right outcomes for our insurance clients. We are experts in reengineer processes to deliver client-centric outcomes and scalable design – always aligned with their strategic vision. Contact the team to see how we can support your transformation journey.

 

Dan Martin

Lead Consultant

 

[1] https://www.baincapital.com/news/bain-capital-reaches-agreement-ageas-sell-esure-and-establish-top-3-uk-personal-lines-platform

[2] https://www.baincapital.com/news/bain-capital-acquire-jensten-group-leading-uk-insurance-distribution-platform

[3] https://www.marshberry.com/eu/blog/may-2025-uk-insurance-distribution-ma-sees-another-major-deal-as-otherwise-sluggish-year-continues/

[4] MarshBerry Proprietary Database and Companies House. Data as of 5/31/25.