Thursday, 19 March 2020
TEn Insurance Services is pleased to remind everybody that – one way or another – at some point during the coming weeks and months, we will mark the 15th Anniversary of this network’s appearance in the market.
Although the company was incorporated in September 2004, it was still several months before FSA approval was achieved on 14th January 2005. The first Appointed Representative (AR) joined on the 28th January 2005, but, in truth, that business was originally comprised of two people who were well known to all the TEn founders long beforehand.
The prospective AR facing website, teninsurance.co.uk, was launched on the 2nd February and the telephone – there was only one at the time – started ringing a few days later. One of these enquiries was converted into our second AR a month later, on the 3rd March, whilst another one considered the proposition for a further two years before joining.
During the same period, several insurer agencies were secured, numbering roughly 20 by the time Easter came around. And the broking system was installed towards the end of March.
Comments TEn Managing Director, Dawn Derbyshire; “The three founders generally agree it was during the first half of 2005 that TEn was launched on to an unsuspecting world. Unfortunately, they do not necessarily concur on which of the milestones was the significant one. Each of them tends to regard the event they were most personally associated with as ‘the Biggy.’
Therefore, whichever date we may choose to celebrate our 15th birthday and our continued prosperity, it will not be universally approved. On this basis, we have decided to reset the date to the 21st August, which will be 15 years since a lady called Jean Verblow became our fifth AR. Jean brought with her an established book of business and, it is agreed by everybody, that it was her arrival that really kick-started the business.
Jean remained an AR until March 2014, when she retired due to ill-health and then sadly died the following year, after a long and brave battle against cancer.”
The first ever AR, European Insurance Solutions Ltd (EISL), grew spectacularly from 2006 onwards and was sold to an insurer in 2011, for many £millions. The second AR remained with TEn for five years before retiring from the industry, whilst the other early enquirer mentioned above, Mayor Broking ltd, who did not actually join the network until 2007 and remains a member today.
Comments Nigel Mayor of Mayor Broking, “At the time of my first meeting with TEn, they had only just opened their doors and the firm where I had been working for years had just been acquired by a larger broker, which prompted me to consider setting out on my own.
On balance, I decided that the new arrangement was good enough to work with and that it was still very early days for TEn. Two years later, however, my new employer were themselves purchased by an even larger organisation and I then decided that this was the time to move. Fortunately, by then, the TEn model had proven itself sustainable and I was confident that together we could win over my clients from a consolidator.
Nearly 13 years later, I can say this was absolutely the right decision.”