Tedaisy Insurance Group just got bigger.
In a strategic all-share deal, financial details of which were not disclosed, the enterprise has merged with Intrinsia Insurance Group under the Tedaisy umbrella. The merger unites trading entities Alpha Underwriting, Practice Cover, Intrinsia Brokers, and Intrinsia Claims.
Tedaisy now holds 100% of the equity in the combined businesses, and a shared group services division has been formed to support their development. The centralised team will provide binder management performance, compliance, finance, HR, IT, and quality control services to all group companies.
Donna Sweetman, who will be stepping down as Alpha managing director, will be in charge of group services at Tedaisy. Her successor at the managing general agent, meanwhile, has yet to be named. In the interim, Sweetman and Tedaisy group chairman and chief executive Paul Byrne will oversee Alpha.
Commenting on the merger, majority shareholder Byrne revealed: “We have some amazing plans on how we are going to manage our insurance performance to reach our potential, and in my 20 years of being an entrepreneur in the insurance industry, this is without doubt the most exciting project I’ve been involved with.”
Tedaisy is set to manage more than £25 million of gross written premium in 2020.