Texel Group, an independent, specialist credit and political risk insurance broker, has completed its the transition to 100% employee ownership, through the creation of the Texel Employee Ownership Trust (EOT).
The move ensures Texel’s long-term independence, protects its culture and directly rewards the dedication and hard work of its employees.
Mr Andy Lennard will continue in his role as chairman and CEO, supported by senior management, with no plans for him to step back from the business in the near term.
“Being 100% independent allowed me to create a culture of kindness, care but above all, service to our clients and community,” said Texel chairman and CEO Andy Lennard.
“Over the years we have attracted likeminded people who have contributed enormously to the company’s extraordinary growth.”
Added Mr Lennard, “The creation of the EOT not only allows us to remain independent, it allows us to move from a shareholder to a stakeholder model and to continue the extraordinary work of the Texel Foundation. It preserves our culture and values, and protects the Group for future generations.”
Said Texel deputy CEO William Shaw, “We are not constrained; we can continue to meaningfully invest, with full control over and commitment to our culture, our agility and our entrepreneurial spirit. Crucially, it keeps our people and our founding values at the heart of the business, and our employees remain empowered to deliver advice and solutions that set the standard for our industry.”
The Texel Group maintains an office in Singapore.