31st Price Forbes
Management: Under chief executive Michael Donegan, who led a buy-out from Marsh in 2006, revenue was £40.5m for the year to December 2010.
Strategy: Price Forbes is an independent, specialist Lloyd’s broker based in London and Bermuda. It operates in sectors including cargo, fine art, construction, energy, marine, mining and nuclear. It also provides reinsurance and terrorism cover.
32nd Towers Watson Reinsurance
Management: In July the Towers Watson group announced Ross Howard had been promoted to global leader for reinsurance broking. In October he will succeed Bill Eyre who, after 14 years in the post, moves to a new role focused on client and market relationship development.
Howard, who currently leads broking in EMEA, inherits a brokerage where revenues for the year to 30 June 2011 were flat, at £38.9m, with EBITDA decreasing 32.7% to £7.47m.
Strategy: The brokerage acquired WellsCanning, a New York-based investment advisory firm specialising in the insurance industry, in October.
33rd United Insurance Brokers
Management: Chief executive Bassem Kabban promoted Steven Pallett to the newly created position of executive director, operations and administration in January. Pallett was previously marine technical director.
Strategy: The London-headquartered Lloyd’s broker operates internationally with expertise in all major insurance classes. Its revenue for the year to June 2011 was £37.7m and EBITDA was down to just under half of the previous year’s, to £1.06m. Pallett has been charged with implementing a new operating system strategy.
34th Tyser & Co
Management: Chief executive Chris Elliott reported a broadly flat top line of £36.1m for the year to December 2011, with EBITDA up 36.6% to £6.91m.
Strategy: Tyser wants to boost its corporate business and in May recruited Andy Lucia and Lee Saunders to the professional indemnity team as broker producers. Both were divisional directors at Arthur J Gallagher, having joined when Oxygen was acquired in 2011. However, they have now left Tyser.
35th Newman Martin & Buchan
Management: Gordon Newman, who has been chairman of Newman Martin & Buchan since its formation in 1987, grew revenues 12.7% to £30.6m in the year to March 2012. EBITDA was up hugely, by 79.3% to £3.17m.
Strategy: The firm has expanded from energy broking into marine, non-marine and reinsurance. It converted to limited liability partnership status in 2009.
36th Carole Nash
Management: Chief executive David Newman has moved the firm up three places, raising revenues 5% to £25m for the year to December 2011. EBITDA was down 1.4% to £6.55m.
Strategy: As one of Groupama UK’s three brokerages, Carole Nash is up for sale with the rest of the business, and the motorbike broker has been linked with a buy-out led by former Swinton boss Peter Halpin.
37th Besso Insurance Group
Management: Doubling the top line in two years is the objective of chief executive Colin Bird. The business certainly needs a lift: revenues were down 13.4% for the year to December 2011 to £24.2m and EBITDA slumped by 129.6% to £552,000.
Strategy: Besso plans to grow by acquisition, hence it bought 15% of its stock from venture capitalist BP Marsh in March. The £1.1m deal brought Besso’s management an enlarged 70% stake in its own firm and 30% of BP Marsh.
Management: The Leeds-based broker’s chief executive Joe Henderson has achieved rapid growth, propelling the firm up from 45 last year. The firm grew revenues 11.4% to £22.5m in the year to April 2012. Gross written premium stands at £200m and EBITDA shot up 89% to £3m.
Strategy: Henderson plans to hit £30m in revenue through the acquisition of a £5m brokerage and expanding marine and aviation business.
39th Lark Group
Management: Chairman Graham Lark and managing director Stephen Lark are among seven members of the Lark family who have worked for the firm since it launched in 1948.
Strategy: With parent Groupama up for sale, Lark has completed a management buy-out. In September 2011, Lark bought broker Cadogan Hanover Park from Barbon. The deal added £606,610 to Lark’s 2011 revenue of £19.5m. Profit was £3.6m, almost double that of 2010.
40th Abbey Protection
Management: Chief executive Colin Davison has overseen strong growth of Abbey, which is up four places in the Top 50, and spearheaded the acquisition of tax consultancy Accountax in October 2008.
Strategy: Abbey is on the hunt for acquisitions. It reported full-year 2011 net profit of £7.6m, up 9% year-on-year, although gross written premium fell 7% to £14.1m.