01.07.2025

Texel completes Texel Employee Ownership Trust transaction

01 July 2025, London: The Texel Group (“Texel”), the leading independent, specialist credit and political risk insurance broker, today announces it has completed the transition to 100% employee ownership through the creation of the Texel Employee Ownership Trust (the “EOT”). This move ensures Texel’s long-term independence, protects its unique culture, and directly rewards the dedication and hard work of its employees.

Andy Lennard continues in his role as Chairman and CEO, supported by senior management, and there are no plans for him to step back from the business in the near term.

Andy Lennard, Chairman and CEO, said: “I started the Texel Group in 1997 for the sole purpose of using the credit insurance market in a proactive rather than a reactive manner. Being 100% independent allowed me to create a culture of kindness, care but above all, service to our clients and community.

Over the years we have attracted like-minded people who have contributed enormously to the company’s extraordinary growth. We know what it is to be a Texelian, where the journey is more important than the number or the profit. 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. I have been consistent with all potential suitors in that regard and have rejected each and every one; it would not have aligned with everything we stand for. Although I do not intend to retire, I am cognisant that in the coming years leadership needs to evolve, which is why William Shaw was made Deputy CEO and he is well supported by long time Texel board members and the senior leadership team.”

William Shaw, Deputy CEO, said: “Today is a milestone in Texel’s history. The extraordinary decision taken by Andy and the senior leadership team to create an EOT provides Texel with absolute independence – it’s this independence that ensures our stability and long term consistency for clients, insurers and Texelians.

It means 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.”

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