#11
Saga Services
Chief executive: Roger Ramsden
Brokerage: £229.6m
Management
2016 marks the return to the Top 50 Brokers for over 50s service provider Saga after a three year absence.
The recently-floated company is now back in the ranking following its decision to set up a panel of insurers for its motor and homes business alongside Saga’s in-house insurer, Gibraltar-based Acromas Insurance Company.
Saga’s insurance business is run by Roger Ramsden, while Acromas Insurance Company is headed by Andrew Button.
Lance Batchelor is group chief executive.
Strategy
Saga and former sister company AA Insurance Services (ranked 15th) previously had a joint entry in fifth position in the Top 50 Brokers.
But following Saga’s and the AA’s split and separate listings on the London Stock Exchange in 2014, AA Insurance Services remained in the rankings, while Saga dropped out because it focused more on underwriting through its Gibraltar-based insurer than broking business to other insurers.
The company revealed in January 2015 that it was setting up a motor insurance panel, and that business has now gained enough traction to support Saga’s re-entry into the Top 50 Brokers. Saga said the panel wrote around a quarter of its net premium in January 2016.
Adding to Saga’s broker credentials is its acquisition of specialist motorcycle broker Bennetts from sixth place broker BGL in July 2015.
Saga continues to pass business to in-house insurer Acromas Insurance Company. Saga announced in March that Acromas Insurance Company would transfer 75% of its motor risk to Munich Re subsidiary New Re, following a review of the insurer’s capital.
#12
Lockton
Chief executive: Neil Nimmo
Brokerage: £223.7m
Management
Lockton’s UK-based operations are now run by Neil Nimmo.
Nimmo, who joined Lockton in 2007 and was previously deputy chief executive, took over from predecessor Mike Hammond in May 2016.
Hammond has been at Lockton’s UK based division since it was founded by US broking group Lockton Companies in 2006 from the acquisition of South African broker Alexander Forbes.
He is now chairman of Lockton International Holdings, which contains all the US group’s non-US business.
In December 2015 Lockton appointed former Zurich UK general insurance commercial head and one-time acting chief executive Dave Smith to its board.
There will also be a change of the guard at US group level. Lockton announced in June 2016 that long-standing chief executive John Lumelleau is retiring and will be replaced by Glenn Spencer on 1 May 2017.
Strategy
Lockton, a family-owned firm, largely keeps itself to itself, choosing instead to get on with the business of insurance and reinsurance broking. This strategy appears to be paying off at its UK-based division – it has risen two places in this year’s ranking to 11th position.
The company’s biggest single market is the UK, but it derives business from all over the world.
The company places a range of specialist business in the UK, and is well known for its work in professional indemnity.
In addition to its broking operations Lockton also operates a managing general agency, Mapledown Underwriting. A proportion of the business is fed into its panel of third-party insurers.
#13
Cooper Gay Swett & Crawford
Chief executive: Steve Hearn
Brokerage: £219.3m
Management
Former Willis group deputy chief executive Steve Hearn took over the running of struggling wholesale and reinsurance broker Cooper Gay Swett & Crawford on 2 November. The company had been run by chairman Martin Sullivan following the departure of previous boss toby esser in June 2015. Hearn has since brought in former Brightside chief executive Andy Wallin to be his number two as commercial director.
As it continues its transformation, the broking group has hired former Lloyd’s executive Wendy Kilminster as head of strategy and change, reporting to Wallin, and former JLT technology specialist Peter Hacker as chief innovation officer, reporting to Hearn.
In June 2016 it hired former Willis GB head of broking Jonathan Prinn as head of global placement, reporting to Hearn.
Strategy
Under Hearn the broker has embarked on a wide-ranging turnaround plan, which has included freeing itself from debt and cutting costs so it can start growing again.
Under Esser’s leadership, the company’s debt had grown to more than 10 times earnings before interest, tax, depreciation and amortisation (EBITDA) with its profit barely covering the interest on its debt.
Its biggest move to date has been selling its North American business, Swett & Crawford, to US broking group BB&T for £358m in April 2016, which has eliminated the debt.
It will now focus on growing EBITDA, which means boosting revenues and cutting costs.
The company put 70 London-based jobs at risk in June. The broking group employs 400 staff in London, where it is headquartered.
#14
Ageas Retail
Chief executive: Ant Middle
Brokerage: £146.9m
Management
Ant Middle has been in charge of insurance group Ageas’s broking and partnerships unit for a year and a half following the departure of Mark Cliff to run broking group Brightside.
Middle joined the company as partnerships director in January 2014 after four years in a similar role at Aviva. He is perhaps best known in the market for his 10-year stint as head of AXA UK’s brokered commercial business.
Following Middle’s promotion, Jason Banwell is now partnerships director. Ageas Retail Direct, which contains the RIAS and Castle Cover broking brands, is headed by Adam Clarke, and Caroline King is Ageas Retail’s director of operations.
Strategy
Ageas Retail exited the motorcycle insurance business in June 2016, selling the business to specialist motorcycle broker Carole Nash for an undisclosed sum.
The business, which was distributed by Ageas Retail brands Express, Kwik Fit Insurance and Green Insurance, comprised 20,000 policies.
Middle said the decision to sell the bike book was not taken lightly, but that it reflected Ageas Retail’s focus on its core brands and markets.
Ageas Retail is now into the final year of its three-year transformation plan, which the unit embarked on in 2014 after heavy competition cut into revenue and profits. Changes have included merging the division’s seven legal entities into one and simplifying and improving IT systems. For example it has moved to a single customer system from six, and has also moved to a single telephony platform.
#15
AA Insurance Services
Chief executive: Janet Connor
Brokerage: £131.0m
Management
Former head of RSA’s More Than direct brand Janet Connor has now run roadside assistance firm AA’s insurance broking business for two years. She is also head of restructuring at group level.
The company’s new underwriting business, AA Underwriting, is run by Craig Staniland, and Michael Lloyd serves as insurance director.
The roadside assistance group as a whole is headed by executive chairman Bob Mackenzie, assisted by chief financial officer Martin Clarke and operations director Olly Kunc. Also on the top team are membership services director Kirsty Lloyd-Jukes and IT director Geraint Hayter.
Strategy
AA launched AA Underwriting in January this year in a bid to capitalise on the data it has about its members, which it says will allow more effective pricing of risks.
The new unit is targeting AA members who do not already have a policy with AA Insurance Services and is aiming for 250,000 policies over the next few years.
In June 2016 AA sold its insurance-led Irish business, which provided personal and commercial insurance, to private equity house Carlyle for £130m. Explaining the sale, the company said that the Irish business “differs significantly” from the UK business and so potential cross-selling opportunities are limited.
#16
Bluefin Insurance Group
Chief executive: Robert Organ
Brokerage: £121.0m
Management
Robert Organ has been in charge at Bluefin since he replaced Mike Bruce in April 2015. Following on from Bluefin’s restructuring in October 2015, Organ also announced he is no longer recruiting for a managing director for the Southern regions of its retail broking division. The responsibility of Bluefin’s trading divisions, retail broking and specialisms, will now be split between commercial director Mike Owen and broking managing director Kenny Hogg.
Bluefin has also hired Steve Hook as managing director for personal lines. Having already been in charge of Bluefin’s private client division, Hook will now be responsible for the broker’s volume personal lines business based in Leeds Thorpe Park and dedicated boat insurance brand Bishop Skinner Marine.
Strategy
Bluefin has been the subject of intense speculation about whether it will continue to be part of AXA or whether the insurer will sell it, particularly in light of Marsh’s purchase of Jelf.
The company has brushed the rumours aside and continued with its strategy, which includes growing through acquisition. Its most recent purchase is one of its own broker network members Osbornes Insurance in Oxford. Bluefin also wants to expand its managing general agency Bluefin Underwriting.
The broker has been in the headlines this year as a result of its legal battle with ex-chief executive Mike Bruce, rival firm Global Risk Partners (GRP) and ex-commercial director Neil Thornton, which would have been an unwelcome distraction.
Bluefin had accused the executives and GRP of poaching Bluefin staff, but GRP has now settled, leaving both firms to focus on growing.
#17
Miller
Chief executive: Greg Collins (from 2017)
Brokerage: £117.4m
Management
Greg Collins will step up from chief operating officer to chief executive of Willis-owned Lloyd’s broker Miller in 2017. Current chief executive Graham Clark will become chairman, replacing Nicholas Lyons.
Ben Speers will be appointed to the board as chief operating officer. Ken MacDonald will also join the board as head of the property/casualty business unit.
Strategy
Towers Watson. Willis subsequently tried to sell a 16.9% stake in Miller to US broker BB&T, but the deal was abandoned in January 2016 because of “unanticipated regulatory hurdles” in the US.
Willis’s strategy was to turn Miller into its wholesale broking arm, with the firms merging their wholesale and specialty businesses under the Miller brand. In turn, Miller was to transfer its treaty reinsurance, UK corporate client and financial institutions teams to Willis.
#18
Integro Insurance Brokers
UK chairman: Toby Humphreys
Brokerage: £109.4m
Management
US broker Integro’s UK unit continues to rise swiftly up the ranks, jumping eight places in the Top 50 Brokers this year and more than doubling its revenue.
This rapid UK growth, fuelled by acquisitions, has been overseen by president of Integro’s international operations John Sutton and chairman of the group’s UK regulated company Toby Humphreys.
The UK unit hired specialist entertainment broker Kevin O’Shea from rival Arthur J Gallagher to its UK film and television team in February 2016.
At group level, Integro continues to be run by William Goldstein following the November 2015 takeover by private equity firm Odyssey Investment Partners, although his title has now changed to chief executive from president.
He is supported by North America operations president Marc Kunney.
Strategy
Integro has continued its push into the UK specialist broking market with acquisitions. It has bought one broker so far in 2016: Lloyd’s broker Croton Stokes Wilson Holden (CSWH), which specialises in placing North American property business. As part of the deal the management team, including Alan Croton, Tim Stokes, Stuart Wilson and David Holden, joined Integro’s London wholesale unit.
The CSWH deal added to Integro’s December 2015 acquisition of London-based Entertainment Insurance Partners and November purchase of UK motorsports broker Ellis Clowes.
The company continues to be tight-lipped about its strategy in the UK despite the interest it is generating through its speedy growth.
#19
A-Plan
Chief executive: Carl Shuker
Brokerage: £75.1m
Management
A-Plan is led by Carl Shuker. At the end of 2015 the high-street broker hired former Capita executive Mike Edgeley to replace departed chief operating officer Mark Selby. Edgeley was previously managing director of outsourcing firm Capita’s specialist medical businesses, and before that was managing director of broker Lancaster Insurance Services, now part of Markerstudy.
A-Plan has also appointed former AXA commercial lines and personal intermediary chief operating officer Max Carruthers as its non-executive chairman.
Strategy
A-Plan has succeeded by setting up branches in affluent areas, selling to more
wealthy customers keen to take advice.
The broker wants to continue broadening its footprint and delivering its service to an even larger number of clients. It has brought in Jonathan Hartley from rival high-street broker Swinton. As acquisitions manager Hartley will identify opportunities to acquire well run local brokers and specialist insurance businesses.
A-Plan has previously focused on growing organically and opening new branches and Shuker highlighted that this move did not change the firm’s strategy.
#20
Brightside
Executive chairman: Mark Cliff
Brokerage: £69.5m
Management
Having joined Brightside as executive chairman in May 2015, former Ageas Retail chief executive Mark Cliff now finds himself running the struggling broking group.
Previous chief executive Andy Wallin left in September 2015 after only eight months in the job.
A string of senior departures followed, including chief operating officer Tony Coram, chief people officer Kate Banks, operations director Tristan Scaife and commercial director Des O’Connor.
Cliff has now rebuilt his senior team with a series of hires, including Sterling’s David Sweeney as managing director, Zurich UK’s Suzie Noble as chief people officer and Markerstudy’s Russell Bence as managing director of volume lines.
Strategy
Brightside has yet to fully recover from the loss of capacity in 2013 from main provider and former sister company Southern Rock – a Gibraltar-based insurer owned by Brightside co-founder and prominent Brexit campaigner Arron Banks.
The company suffered a further blow in May when Markerstudy, one of Brightside’s main capacity providers post Southern Rock, withdrew its agency.
It also recently announced that it was putting 50 jobs at risk as part of a restructuring. Plans to sell and lease back its Bristol headquarters have fallen through because of Brexit.
It is not all bad news. The company says it has replaced the lost Markerstudy capacity with expanded deals with Covéa Insurance and another firm, which it did not name.
And private equity owner AnaCap seems willing to stand by the company.
Carl Shuker, A-Plan
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
No comments yet