Integro prepares for UK push as it completes Tysers rebrand

Integro has rebranded its wholesale division as Tysers.

The Lloyd’s-focussed wholesale division makes up two thirds of the company’s UK business. The group also has an entertainment and sports division and a UK retail corporate and private clients division which will remain branded as Integro.

The three divisions will continue to be held under the Integro holdings company.

Integro acquired Lloyd’s broker Tysers in March 2018.

Chief financial officer Andrew Behrends explained to Insurance Times that the decision to merge the wholesale operations and rebrand as Tysers had been planned since the acquisition.

Behrends said: “Integro had a good brand, but a young brand. It was 2005 when the company was started, and shortly thereafter we began operations through an acquisition in the UK.

“Tysers is obviously a strong global brand within the Lloyd’s market, but as importantly has a strong depth and breadth of brand internationally, with a 200-year history to it.

“We think this brings us a more recognisable name – more recognisable than Integro both in the London market and internationally.”

Jason Collins and David Abraham will serve as co-heads of the Tysers brand.

Sale

By the end of January, Integro will have completed the sale of its US business to EPIC Holdings. Sole focus will then be put on the UK business, with funds from the sale used to finance UK acquisitions.

Behrends added: “While the two geographies were very complimentary of each other, the sale of the US business is a vote of confidence in the wholesale business, and broadly the UK business in totality.

“I’m bullish on our opportunity in the UK and it really allows us more capacity to make investments in the UK and continue to grow our business.”

He said acquisitions could be made to grow the number of people working in the wholesale division from the Lloyd’s office, or to bolster its smaller UK retail offering and open offices elsewhere in the country.

Attractive

Behrends said the sale, combined with the rebrand, would make Integro an attractive proposition to independent brokers looking to sell up.

Collins agreed, and said Tysers reputation as an independent broker would help grow the overall UK business.

Speaking to Insurance Times, Collins added: “Realistically, being newly independent again we’d hope that we’ll be able to add clients and brokers from the London market to come with us because we really are the outlier within the market at the moment.”

Collins confirmed that Tysers had not exited any lines for 2019, but that it would only enter new lines if it could acquire a team of qualified individuals in a new segment.

But he said the rebranding would put the company in a stronger position to take advantage of opportunities when they arise.

“The name is one that’s lasted 200 years and I’d like to think it can last 200 more,” he said. “With the current broker climate there is a certain amount of M&A going.

“Looking at the lower decile play in Lloyd’s and what’s happening in that market there are a lot of changes going on.

“By being newly independent and of a quantum size that’s relevant we are better positioned to look after our clients and take advantage of these market changes.”