43. The Firstcity Partnership (formally Firstcity Insurance Brokers)

Fee and commission income (2000): £12.5m
Pre-tax profit (2000): £2.6m

Address:
13-15 Folgate Street
London
E1 3BX
Tel: 0207 247 6595
Fax: 0207 410 4818
Email: enquiry@firstcity.com
Website: firstcity.com

History: The Firstcity Partnership is an independent London Market broker, formed in December 1992 following a management buyout from The Frizzell Group.
The company has seen consistent growth of more than 20% every year since 1995.
In 1996, the company established an employee trust, enabling employees to share in the success of the business.

In recent years, the company has seen considerable expansion in the services it is able to provide to its clients. This includes the addition of experienced market practitioners in areas such as political risks and reinsurance. During 2000, the company created a new corporate and structured finance division in order to assist its clients in the opportunities arising from the convergence of the banking and insurance markets.

Chief officer: Tim Watkins, managing partner

Major shareholders: CR Davis, TJ Watkins, employee trust

Main lines of business: Professional indemnity; directors' and officers' liability, fidelity, financial institutions insurance, financial guarantee/ residual value, trade and political risks, credit, international property, fine art/specie, employment practices liability, construction, warranties and indemnities and reinsurance.

Special schemes: Professional indemnity and directors' and officers' liability

Number of employees (average for 2000): 137

Greatest technological advance: Development of in-house underwriting facility for professional indemnity insurance, giving improvement in market access and service levels for clients and intermediaries.