Profiles
43. OPEN + DIRECT INSURANCE
1 REGENT STREET
NEWTOWNARDS
CO DOWN
N IRELAND BT23 4AB
TEL: 028 9182 4581
FAX 028 9182 4548
WEBSITE: WWW.OPENANDDIRECT.COM + WWW.OPENANDDIRECT.COM
FEE AND COMMISSION INCOME (2004): £16.79m
PRE-TAX PROFIT: £5.3m
NUMBER OF UK BRANCHES: FOOTMAN JAMES - 1; OPEN + DIRECT - 6
NUMBER OF UK EMPLOYEES: 250
CHIEF OFFICER: GARETH BRADY, MANAGING DIRECTOR
YEAR ESTABLISHED: 2000
HISTORY
Open + Direct Insurance is a fast-growing niche insurance intermediary.
It has experienced particular success following a management buy-out in May 2002, backed by Alchemy Partners.
Open + Direct Insurance consists of two separate operations, Footman James and Open + Direct. Footman James is recognised as a market leader in a number of specialist vehicle sectors in the UK, including classic cars and motorcycles. Open + Direct Insurance is one of the leading personal lines insurance brokers in Northern Ireland. It also provides a wide range of commercial lines products to the SME sector.
MAJOR SHAREHOLDERS
Alchemy Partners, management team.
MAIN LINES OF BUSINESS
Footman James - specialist vehicle personal lines and commercial lines broker.
Open + Direct insurance - general personal lines and commercial lines broker
SUBSIDIARY COMPANIES
Footman James, Open + Direct Insurance.
CHIEF OFFICER BIOGRAPHY
Gareth Brady, a chartered accountant, originally trained with Ernst & Young, gaining experience in corporate finance. In 2000 he joined Open + Direct to manage the group's acquisition programme.
He then successfully managed the integration of the acquired Northern Ireland businesses under the Open + Direct brand name. In 2001 Brady became joint managing director of Open + Direct Insurance. He was instrumental in securing private equity funding for the management buy-out of Open + Direct in May of that year.
