Profiles
26. PRIMARY GROUP (UK)
80 LEADENHALL STREET
LONDON EC3A 3HA
TEL: 020 7743 0200
FAX; 020 7743 0201
EMAIL: ENQUIRIES@PRIMARYGROUP.BM
WEBSITE: WWW.PRIMARYGROUP.CO.UK + WWW.PRIMARYGROUP.CO.UK
FEE AND COMMISSION INCOME (2004): £28.96m
PRE-TAX PROFIT: £1.6m
CHIEF OFFICER: MICHAEL KING, GROUP CHIEF EXECUTIVE
YEAR ESTABLISHED: 1997
HISTORY
Primary Group UK's broking operations brought in fee and commission income of £29m in 2002. It has previously appeared in the Insurance Times Top 50 UK Brokers & Intermediaries as Monument Insurance Brokers.
The group has since made several acquisitions and has broking operations throughout the UK.
MAIN LINES OF BUSINESS
Distribution, administration and underwriting of insurance products in the property, accident & health, liability, contingency and personal lines markets.
SUBSIDIARY COMPANIES
Primary Group is made up of two business streams; distribution and risk management and advisory and broking.
The distribution and risk management businesses include PBS Holdings, which is made up of its commercial and personal accident underwriting, third party schemes business, and Goodhealth Worldwide, its expatriate healthcare business.
The company's advisory and broking business stream is made up of Acumus, its personal lines and wholesale affinity schemes business, ESR Insurance Services, its Lloyd's broking business, Health for Industry, its employee benefits and general insurance business, Monument, its Lloyd's and international markets broker and Walton & Parkinson and Vega Insurance Services, its commercial broking businesses.
All Primary's businesses are supported by its capital allocation and management division which includes Primary Risk Holdings, its insurance and reinsurance businesses, and Primary Group Incorporated, its North American holding company.
CHIEF OFFICER BIOGRAPHY
Michael King was a 1997 founder of Primary Group. Primary is essentially a distribution business, but it also has its own risk bearing capability to support its distribution and product management skills.
King is qualified as a Chartered Insurer (ACII) and Chartered Accountant (ACA). His early experience was with a professional accounting firm, in a technical insurance distribution and regulatory role at Lloyd's, and as chief financial officer of a Lloyd's underwriting group writing non-marine and life business.
Since 1997, through Primary, King's insurance experience has included broking (at Lloyd's, internationally and in the UK provincial market), underwriting and risk management.
