Management: Shaun Hooper was named chief executive in June, having been interim head since December 2010. He must battle the effects on the firm of the continuing soft market and economic downturn – which could include an IPO next year. This follows Jim Summers, Cooper Gay & Co’s previous boss, leaving to join reinsurance broker Guy Carpenter last November. Hooper was chief operating officer of broker Bluefin.
Strategy: Although the firm recorded a loss after tax for 2010 of £381,000, it was back in the black after a loss-making 2009, with pre-tax profit of £2.2m. However, this was wiped out by a £2.6m tax bill, resulting in an after-tax loss.
Turnover was largely flat, at £43.5m in 2010 compared with £43m in 2009, which the firm has put down to tough market conditions. It expects better results soon.
Expertise: Cooper Gay & Co is the Lloyd’s and London market operation of broking group Cooper Gay Swett & Crawford.
The broker restructured its UK business in May around three core trading units: reinsurance, international and specialty divisions. This included bringing together the management of its non-marine and energy operations in the UK to create the international trading unit.
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