Brokerage has increased by 7% in 12 months
ICB Group grew its brokerage by 7% in the year of the managing buyout (MBO) led by chief executive Neil Campling.
Speaking to Insurance Times, Campling said ICB placed £65m of premium in the year to June 2013 while its brokerage grew 7% to £10.1m.
Campling put the growth down to ICB’s focus on winning clients in sectors which have done well in the economy generally, such as technology and franchising, and reducing its exposure to challenged sectors including construction.
It also focused on trade associations and renewed an exclusive public and product liability scheme with the British Healthcare Trades Association
During the period ICB also stepped up its consultancy activities by carrying out assessments of companies’ risk management practices and insurance cover on behalf of venture capitalist firms looking to acquire them.
It most cases, the new owners went on to appoint ICB as their insurance broker.
Eighty percent of ICB’s growth came from “warm leads” such as firms it had assessed for VC investors and schemes with trade associations.
Three-quarters of those warm leads ended up as clients, compared with 10–15% of cold prospects, Campling said.
“We are quoting less but making more pounds and pence,” he added.
“Organic growth works if you pick the right sectors and ensure you negotiate warm leads and network within those sectors.
“It is a difficult climate but we are happy with what we have achieved. It is nice to see your plan come good.”
ICB is expected to grow 9% by next June, Campling added.
Campling and a number of his fellow directors completed the MBO of Barnett & Barnett and NBJ from Australian insurer IAG in December. The two brokers were rebranded as ICB in May.
He said the broker would consider acquisitions within 24 months, after repaying a “significant amount” of the debt used to finance the £10m MBO.
No comments yet