Broker in recruitment drive in moves to triple premium income

HSBC Insurance Brokers is looking to poach rivals' staff in a bid to triple the premium income of its private client division within three years.

Marcus Rennick, managing director of the division, said the broker was preparing to boost the division's staff numbers by as much as 50% within 18 months. He also said it was set to open a new office in Woking that will house around 12 employees.

The division currently employs 34 staff and could grow to as much as 50 within a year to 18 months, said Rennick.

He added: "I have the backing to go for the best. As other brokers cut back, we are investing in staff. We want to attract and retain the best staff."

HSBC's private client division recently scored a major fillip with the appointment of Andrew Jobson, former joint head of Aon private clients. Jobson, who is still on gardening leave, will join HSBC later in the year as Rennick's deputy.

Rennick said the division's growth would be based on service rather than profit. "We are prepared to accept a lower margin to provide a better service," he said.

"The business is at a transitional stage at the moment. Our focus this year will be on enhancing our offering in the UK, then enhancing our overseas operation."

While the broker sources much of its business through HSBC's banking clients, Rennick said he would be looking to target other income streams.

"Our distinguishing features will be the quality and commitment of our staff."