Broker looking to grow MGA’s PI business
London broker Cooper Gay & Co is looking to hire underwriting teams to build up its revamped Globe Underwriting managing general agency (MGA).
The broker changed the previously UK-centric MGA’s name to Globe from Oliva in February this year and refocused it on international business. It sold Oliva’s old business to its former managers Cliff Browne and Paul Bennett.
Under the new focus, Globe will initially specialise in international marine, cargo and professional indemnity.
Cooper Gay & Co’s international chief executive Chris Butcher says a number of teams and individuals are moving from their old companies and looking to go it alone.
“We have had a fair number of direct approaches from people and small teams as well as the usual offers from other intermediaries,” Butcher told Insurance Times. “I have been looking at business plans since the rebrand to see who might be suitable to join.”
He added: “I have got a couple of business plans running at the moment which look promising. One is for professional liability - we are looking to broaden the professional liability part of the MGA.”
Butcher also said that he is in the process of moving a three-person team into Globe.
Butcher’s comments follow the release of Globe’s 2011 results, which relate solely to the business that has now been transferred out of the MGA.
Globe made an after tax loss of £423,000, compared with a £615,000 loss in 2010. The narrower loss was thanks to a 79% increase in turnover to £332,000 (2010: £185,000) and an 8% reduction in operating costs to £703,000 (2010: £767,000).
The accounts also reveal that Globe has since booked a £24,000 profit from the sale of the old Oliva books of business. However, the sale included an earn-out agreement, so it is likely that Globe will receive further payments in future in relation to the old Oliva business.
Cooper Gay & Co is part of broking group Cooper Gay Swett & Crawford.