Aon, Marsh and JLT teams targeted as part of restructure
Broker Heath Lambert is actively poaching individuals and teams from its rivals, Aon, Marsh and JLT. The recruitment drive is to strengthen and shore up key areas of business.
Heath Lambert managing director Adrian Colosso said: "We have taken a number of people from JLT and one person from Aon to strengthen our transportation team and we are looking at taking some people from Aon and Marsh."
He said after the "dark days" where the company had to remain quiet as it went through its disposal period, the broker was motivating its staff and focusing on clarity. The broker will remain heavily in commercial lines business, particularly property and casualty, construction, engineering, utilities, transportation and M&A.
"In November last year when David Magrett left, we knew we needed to find a position of financial stability. We had to get a brand new firm using an old brand that was slightly damaged.
"The new management team wanted to end the rumours that we were heading for a trade sale, IPO or merger, and put forward a transparent strategic plan for the staff."
He said Heath Lambert's aggregated debt of £180m at the end of last year had been reduced to £80m and would be around £60m by end of year.
Around £11.5m had been saved due to a regime of cost-cutting and Heath Lambert's claims processing operation in Swindon would be integrated centrally with its London market operation, said Colosso.
He added that the debt would fall through a mixture of disposals and cost efficiencies. "I see our revenues will be approximately two-thirds from where they were. I think we will be around sixth or seventh biggest in the UK, between Benfield and Alexander Forbes."
"Heath Lambert had huge duplication issues because of the number of acquisitions over the years. Ego clashes were the norm and as our chairman said 'we had an illogical structure based on compromise'. Now each element of the operation knows who to answer to."
