Broker sets up new network to target small regional brokers
Willis is targeting small regional brokers with a new network, Willis N2, set to run alongside the existing Willis Commercial Network.
The global broker is attempting to create a hub and spoke strategy in regions around the UK
that would see its larger network members fostering small brokers.
It will target community brokers controlling between £1m and £2.5m premium.
Mark Radburn, managing director of the Willis Commercial Network, said: “Further down the line some of the small brokers may want to sell or merge with some of the larger members. [Small brokers] will feel pressured by the consolidators out there.”
Radburn said he was already in discussions with a number of potential members, and expects to have around 30 signed up by the end of year, controlling £20m in premiums.
“We would then hope to recruit 50 to 60 members each year after that, controlling £250m premium in three to four years,” he added.
He also said that the broker would continue to recruit members to the Willis Commercial Network, after growing to 76 members following five new additions this year. It now controls between £350m to £360m in GWP.
The development follows a statement by UK chief executive Brendan McManus last December that Willis is set for an aggressive drive to grow its network presence.