Broker loses key accounts

Heath Lambert has lost its corporate broking account with Christie’s to JLT.

Christie’s decision to turn to JLT ends a 39-year relationship with Heath Lambert. Heath Lambert brokered commercial insurance for the auction house’s buildings, liability, works of art and collectables. Its insurance was covered by a panel of underwriters.

Heath Lambert has retained Christie’s employee benefits business.

A Heath Lambert spokesman said: “It is disappointing after having a 39-year relationship. However, we have a great relationship with Christie’s.

“We are in tender with a piece of business and we hope it will keep them as a client in the long term.”

Heath Lambert has also lost its account with Baxi and a line of business with Viel and Cie (V&C).

The account with Baxi, an engineering firm, has gone to rival London broker Lockton.

AJ Gallagher has snapped up the small line of financial business with V&C, a Paris-based financial house that brokers a range of products to the money markets.

However, Heath Lambert has kept the lion’s share of its account by continuing to broker for V&C’s general insurance side.

The London-based international broker has won and retained a range of major accounts in the past 18 months. Major clients include Crossrail, Bird’s Eye, Thames Tideway, Halma, Orient Express, British Transport Police and The Football Association.

Last month, Heath Lambert reported earnings before interest, tax, depreciation and amortisation (EBITDA) at £17.5m.

It also generated recurring UK operating revenue from continuing operations of £100m.

After the results, chief executive Adrian Colosso said Heath Lambert was living in “challenging” times and he expected the downturn to squeeze clients and competitors.