The Fulcrum Group has announced that with effect 1 September 2014, it has acquired a majority stake in well-known insurance management system Flexibroker. Commenting on the partnership, CEO of Fulcrum, Vaughan Jones, said: “Fulcrum already provides Premium Collections, Premium Financing, Treasury and Specialist Lending services to the insurance industry – largely within the intermediary space. It has long been our intention to add a technology partner into the mix to ensure an even more efficient and effective product offering to our clients. Fulcrum has always enjoyed a strong relationship with Flexi based on the well established track record it has within the market, coupled with the passionate and informed people within the team. In addition, is is one of the leading systems in the short term insurance market place, endorsed by all major insurers, is STRIDE
John Burnett, a proud member of the industry for over 55 years, alongside his son Oliver Burnett, will remain as directors and shareholders of the new entity, with John taking on the role of chairman.
Says Jones: “In buying a business that relies so heavily on people, relationships and IP, it is very much our intention to change very little. Our style is to work with our partners and to build on an already strong foundation. Fulcrum has the skills, capital, intermediary knowledge and financial skills alongside our current product offering, to assist the Burnett’s and their strong team as they continue to service existing and new clients.”
Commenting on his decision to sell a substantial stake of Flexibroker, Burnett said: “The main reason for joining forces with Fulcrum is our shared values. Insurance is about doing what you say you are going to do – Under-promising and over-delivering. I am extremely proud of what my team and I have achieved since 1983 when the first broker went onto Flexi and I trust Fulcrum to assist our ongoing sustainable development.”
Fulcrum currently provides premium collection services to over 400 brokers, has assets under management in excess of R4.5billion and proudly services nearly 60% of the premium financing market within South Africa. In addition the company has concluded a number of specialist lending deals within the broker acquisition finance space and is excited by the huge potential to pro-actively assist intermediaries in taking advantage of opportunities for growth in the current environment.
Flexibroker is installed in over 200 brokerages, has over 2300 individual users and manages premium in excess of R4 billion.
The combined new entity will employ around 100 people and continue to operate from existing premises in Saxonwold and Bryanston in Johannebsurg as well as Pretoria, Durban, Cape Town and East London.
A short, fun, informative introductory video on Flexi can be found here: Watch Video
For more information on Fulcrum, please visit www.thefulcrumgroup.co.
Ian Bain (Chairman of Fulcrum), Vaughan Jones (CEO of the Fulcrum Group), John Burnett (Chairman of Flexi) and Oliver Burnett (Director) at the signing of the deal.
— John Burnett, Chairman of Flexi —
Photo credit: Gabbi Brondani.