7. Heath Lambert Group

Fee and commission income (2000): £174.2m
Pre-tax profit (2000): £30.4m

Address:
Friary Court
Crutched Friars
London
EC3N 2NP
Tel: 020 7560 3000
Fax: 020 7234 4136
Email: marketing@ heathlambert.com
Website: heathlambert.com

History: Heath Lambert Group was formed from the merger between Heath and Lambert Fenchurch Groups in December 1999.

The Heath company was founded in 1877 by Cuthbert Heath, one of the most influential pioneers in the development of the London Insurance Market. In July 1997, Heath was acquired by Erycinus by
way of a recommended cash offer, following which it was de-listed from the London Stock Exchange.

Lambert Fenchurch was formed from the merger of Lowndes Lambert and Fenchurch - both companies founded on businesses formed in the 1800s - in February 1997, and brought to the merged group a range of specialist services.

Chief officer: David Margrett
Biography: David Margrett joined Hill Samuel Merchant Banking Group in 1973 and was posted to its insurance broking subsidiary Lowndes Lambert Group.

Since then, in a career that has spanned 27 years, he has held a variety of positions, culminating in his appointment as group chief executive in 1995.

He played a central role in the management buy-out of Lowndes Lambert form Hill Samuel Group in 1988, the successful stock exchange flotation in July 1991, its 1997 merger with Fenchurch Group, and the subsequent merger in December 1999 of Lambert Fenchurch Group and the Heath Group.

Major shareholders: Phoenix, Candover, Electra, Advent and ICG. Staff and management shareholding account for nearly 40%.

Main lines of business: Composite insurance and reinsurance, risk management and independent financial advice.

Number of UK branches: 20
Number of employees (average for 2000): 3,100