TEn takes first step towards becoming the 'John Lewis' of insurance

Independent network TEn Insurance has begun a process to be owned by its staff and members by joining the Employee Ownership Association (EOA).

TEn Insurance managing director Malcolm Lee said: “We’re all proud of being part of something that we view as unique in the insurance market – something akin to the John Lewis of the insurance industry. We’ve built our network based on honesty, mutual respect and encouragement. I truly believe that taking this step can only support our future growth plans.”

“TEn and its members have experienced tremendous growth over the past few years, despite the challenges that the current economic environment presents. That’s due in no small part to the spirit that pervades our network.”

John Lewis is the largest employee-owned company in the UK. All 85,500 staff, referred to as partners, receive an equal percentange share of its profits.

Companies where employees own a significant stake in the company they work for now account for combined annual turnover in excess of £25 billion, more than 2% of GDP.

EOA chief executive Iain Hasdell said: “There are many more employee-owned firms than people think and we’re delighted to welcome TEn Insurance Services to our fast growing association. Employee-owned firms are becoming increasingly important to the UK economy, particularly as there is strong evidence that shows they outperform ‘conventionally’ owned companies.”