Oval chief executive Peter Blanc says the big brokers will be under pressure to buy if they’re not delivering growth for insurers
Oval chief executive Peter Blanc believes rival consolidators will be under pressure to make acquisitions if they’re not achieving organic growth in the tough market conditions.
Speaking in a wide-ranging interview with Insurance Times, Blanc said: “If you’ve made promises to underwriters that you’re going to grow your book by £20m over the course of the coming year, and you haven’t done that, and organically it’s difficult to do, then there becomes a pressure that you need to do a few acquisitions. We’re not in that position, we don’t need to feed the beast. We’re in a happy place with most of our underwriters.
“We don’t have that requirement to do an acquisition, so from our point of view, an acquisition would have to make sense on its own - it would have to be EBITDA enhancing.”
Blanc said that Oval’s arrangements with key insurer partners, such as RSA and Allianz, was secure and mutually beneficial.
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