Profiles
42. GLENCAIRN
71 FENCHURCH STREET
LONDON EC3M 4BR
TEL: 020 7548 9700
FAX: 020 7548 9701
EMAIL: GROUP@GLENCAIRNGROUP.COM
WEBSITE: WWW.GLENCAIRNGROUP.COM + WWW.GLENCAIRNGROUP.COM
FEE AND COMMISSION INCOME (2004): £17.04m
PRE-TAX PROFIT: £2.4m
CHIEF OFFICER: STEVE HEARN, CHIEF EXECUTIVE
HISTORY
Glencairn is a specialist insurance and reinsurance intermediary. It was subject to a management buy-out from its former parent company, South African insurance broker Glenrand MIB, in February 2003.
Glenrand MIB first established a presence in London in the early 1990s with the creation of NIB (UK), which subsequently became known as Glenrand Marsh, an intermediary specialising in the reinsurance sector.
In 1995 the company was approved to trade as a Lloyd's broker. At about the same time, the company acquired a majority shareholding in Andrew Wallas & Marsh, a professional indemnity specialist intermediary. This entity became 100% owned by Glenrand Marsh in March 1999.
In 1998 Andrew Wallas (now executive chairman of Glencairn) took executive responsibility to grow the company's scale and diversify its activities into other insurance specialisms. This was achieved through the acquisition of individuals and teams with specialist insurance and reinsurance capabilities.
Following the management buy-out relationships with Glencairn's former parent continue to be positive, evidenced by its continued use of the company for placements into the London market.
In August 2003 Steve Hearn joined the company as chief executive, having previously been president and chief executive of Marsh Affinity Europe.
MAJOR SHAREHOLDERS
Glencairn is 100% owned by Glencairn Uhuru, which in turn is 100% owned by Uhuru Holdings (Uhuru). Both Glencairn Uhuru and Uhuru Holdings are non-trading holding companies. Glencairn's employees own over 98% of the Uhuru equity, with the largest shareholder owning 9.18%.
