48 : Firstcity Insurance Brokers

Firstcity Insurance Brokers

Fee and commission income (1999):
£9.8 million

Pre-tax profit (1999):
£1.2 million

Head office:
13-15 Folgate Street
London
E1 6BX
Tel: 020 7247 6595
Fax: 020 7410 4818
e-mail:

website: www.fcib.co.uk

Major shareholders:
Employee trust/senior management

Chief officers:
Tim Watkins/Clive Davis

Company history:
FirstCity Insurance Brokers was created as a result of the management buy-out of Frizzell Insurance Brokers in December 1992. Today it is owned by its management and staff, following the establishment of an employee trust in 1996. The trust has an option over 65% of FirstCity's equity and the senior management of the company holds the remaining shares.

FirstCity's core business is financial institution, property and liability-related, with specialist teams handling business for both UK and overseas clients and intermediaries. These teams are supported by dedicated specialists, who assist in the creation of reinsurance programmes to support facilities and one-off placements.

FirstCity recently expanded its capabilities to include trade credit and political risks insurance, construction insurance and ecommerce insurance – areas that support its existing clients' and intermediaries' needs.

The company has recently created an internet-based trading package designed to improve product distribution to intermediaries and provide state-of-the-art service levels.

Main lines of business:
Professional indemnity, D&O, property, trade credit & political risk, fine art and reinsurance

Number of employees (average for 1999):
123

Greatest technological advance:
Installation of software to enable web-based trading for the delivery of professional indemnity products to clients and` intermediaries in the UK.