Management Buyout
Spells Bright Future for Tysers
8th October 2007
Tysers, the Lloyd’s and international
insurance and reinsurance brokers, have secured their
independence through a management
buyout that will widen share ownership and position the company to
make the most of the opportunities that lie ahead under a strong,
committed and highly motivated management team.
Central to the transaction is the
acquisition of Tyser & Co Ltd by Hawkes Bay Holdings Ltd, a
newly formed holding company which
will be controlled and owned by ongoing senior management and
staff. The purpose of this transaction is to transfer the ownership
of Tysers,
which up until now has been closely
held, to the succeeding management and staff. This will
allow the company to continue to
control its own destiny and enable the new management to take the
Group forward positively on its own terms.
The strategic direction of the Group
will be determined and driven by a strong Executive, the
Board of Hawkes Bay Holdings Ltd,
comprising Christopher Spratt as Chairman, Chris Elliott
CEO, Quintin Heaney as COO and Gary
Andrews who leads the largest division in Tysers. Bill
Main, who joined the group as a
Non-Executive Director at the beginning of last year after a
distinguished career, predominately in
the Scottish insurance market, will continue in the same role.
Commenting on this development, CEO
Chris Elliott said:
“One of the areas which has most
occupied our thoughts is that of wider equity distribution in
Hawkes Bay Holdings Ltd. Historically,
approximately 95% of the shares in Tyser & Co Ltd
were held by five pre-incorporation
partners of Tyser & Co. Going forward the former partners
will retain 12.50%, members of the
Hawkes Bay Executive will hold 30% and the balance of
57.50% will be offered to senior staff
and more widely through an Employee Benefit Trust. This has been
created in order to offer a broader group of current and future
staff the opportunity to become equity participants in the Group as
well as giving us the ability to attract quality producers to
enhance our growth prospects.
“Naturally, the best professional
advice has been sought to ensure that we get our new
management and ownership structure
right. We believe this is a sound investment and will yield great
benefits for the firm. I am also pleased to report that despite
difficult trading conditions in a continuing soft market, we are
ahead of our internal targets for the first half of the current
year, and trading in the traditionally slow summer months has
continued this trend.
“Tyser & Co Ltd remains unchanged
as the regulated insurance broking entity and will continue to
handle our clients insurance and risk requirements. I am delighted
on behalf of all participants that we have achieved a common
understanding which has succeeded in putting the business onto a
strong platform for future growth”.
For more information please contact:
Quintin
Heaney
Chief Operating
Officer
Tysers
Tel: +44 (0)20 3037
8000
E: Quintin
Heaney
Tom Braithwaite
Media consultant
Effective Image
Tel: +44 (0)20 7663 5840
Email: tom@effectiveimage.com
Tysers is authorised
and regulated by the Financial Services
Authority.
Our FSA number is
308648.