Brindley plans to lend support to broking entrepreneurs by moving into growing start-up market
Barbon has clinched a multimillion-pound loan from insurers to fund an acquisition spree.
Newly appointed acquisitions director Steve Brindley aims to add another £100m gross written premium to its £150m book during the next three years.
Barbon is also launching a start-up scheme for broking entrepreneurs, offering support including compliance, IT, marketing and banking.
Brindley, promoted from sales and marketing director, said: “We want to be one of the big players in the intermediary space, and certainly the best in our chosen areas of expertise.”
Brindley did not disclose the details of the insurers, but Insurance Times understands some of the household names are involved.
He said Barbon had earnings “north of £10m” that would be used to leverage bank money for the acquisition war chest.
Barbon is wholly owned, through Caley Ltd, by leading banks HBOS, HSBC and Lloyds TSB.
He said the vision for Barbon, a specialist in residential and commercial property insurance, was to achieve around 25% growth organically and 75% through acquisitions over the next few years.
Brindley said: “I do not think we are buying at the top of the market. People are more realistic about the value of their business.
“That is not to say that we are skimping on a deal. If there are realistic deals, you get value. Where there is a good strategic fit, we will pay the market value.”
Brindley said the start-up business was ideal for executives “who want to control their own business within an appointed representative framework of Barbon”.
Barbon’s entry into the start-up market will intensify the battle for new names.
A fortnight ago, Moorhouse launched its own offering for start-ups, Moorhouse Enterprise.
A week later, two start-ups joined Broker Network: Kenilworth-based Baker Jayne Insurance Brokers and Glenavon Insurance in Edinburgh have become full members of the network.