Tuesday, 7 December 2010
Giles Acquires Kerry London?
The gossips are at it again! Several reports have suggested that Giles have bought Kerry London - or perhaps part of it! An interesting deal if true! Any confirmation out there?
Wednesday, 24 November 2010
Barbon acquires Rentshield
by Gill Montia, Insurance Daily, November 23rd 2010
Barbon Insurance Group is promising to shake up the lettings insurance market with its acquisition of Teignmouth-based Rentshield, a specialist in residential lettings cover with a customer base across the South West of England.
Barbon Insurance Group is promising to shake up the lettings insurance market with its acquisition of Teignmouth-based Rentshield, a specialist in residential lettings cover with a customer base across the South West of England.
Towergate swoops for Origen healthcare unit
Insurance Times Alert
24 November, 2010
Towergate Healthcare has acquired the healthcare business of IFA Origen Financial Services.Origen and Towergate have also agreed a strategic partnership in which Towergate will provide healthcare services to Origen clients.
Tuesday, 23 November 2010
JLT reported as having 'bought' Ascent Insurance Brokers
Unconfirmed gossip in the market today suggests that Ascent Insurance Brokers may be on the verge of announcing a deal with JLT. Watch this space.
Friday, 15 October 2010
CCV Acquisitions
According to Post Magazine, Cullum Capital Ventures (CCV) has taken its acquisition total to nine for 2010, after the firm picked up four businesses in September.
- Moscrop Robinson and Chadwick, a partnership based in Bury which has a mixed commercial and personal lines book of £5m GWP.
- The portfolio of Border Counties Insurance Services from Farmers Mutual which controls £3 million of premium.
- In Bedfordshire, Dunstable Insurance Bureau, a family partnership with a mixture of personal and commercial lines and controls over £1million GWP.
- JR, a niche business controlling a mixed commercial and personal lines book will become part of Protectagroup in Wales, with owner John Roberts staying on board.
LinkedIn and the demise of the head-hunter!
Noticed this in the Daily Telegraph this morning.
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| Daily Telegraph, 15th October 2010 |
Friday, 24 September 2010
Jardine Lloyd Thompson Group Announces Resignation Of Andrew Agnew - Quick Facts
Jardine Lloyd Thompson Group Announces Resignation Of Andrew Agnew - Quick Facts
Date: 24 September 2010
(RTTNews and Stockmarketsreview.com) - Jardine Lloyd Thompson Group plc (JLT.L) announced today that Andrew Agnew stepped down as a member of the Group Executive Committee and from the board of Jardine Lloyd Thompson Limited. The company said the resignation is with immediate effect.
The company said that Martin Hiller, Chief Executive of Jardine Lloyd Thompson Limited, has assumed the role of chairman of that company pro tem.
JLT.L is currently trading on the London Stock Exchange at 567.00 pence, down 16.00 pence or 2.74%. Over the past year, the stock traded in a range of 452.40 pence - 604.50 pence.
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Date: 24 September 2010
(RTTNews and Stockmarketsreview.com) - Jardine Lloyd Thompson Group plc (JLT.L) announced today that Andrew Agnew stepped down as a member of the Group Executive Committee and from the board of Jardine Lloyd Thompson Limited. The company said the resignation is with immediate effect.
The company said that Martin Hiller, Chief Executive of Jardine Lloyd Thompson Limited, has assumed the role of chairman of that company pro tem.
JLT.L is currently trading on the London Stock Exchange at 567.00 pence, down 16.00 pence or 2.74%. Over the past year, the stock traded in a range of 452.40 pence - 604.50 pence.
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Thursday, 2 September 2010
Bluefin for sale
After months of denials, it was reported in Insurance Insider last week that "European insurance giant Axa has decided to sell Bluefin Insurance Group, the broking business that it spent more than £300mn building in 2007/08."
The following day, "Axa has insisted that it has no intention of selling its Bluefin Insurance Group and remains fully committed to the distribution market."
Can there be smoke without fire?
Sources suggest that an MBO is the most likely path for most of the group.
The following day, "Axa has insisted that it has no intention of selling its Bluefin Insurance Group and remains fully committed to the distribution market."
Can there be smoke without fire?
Sources suggest that an MBO is the most likely path for most of the group.
Thursday, 19 August 2010
Recent M&A Announcements
Kerry London set for buying spree after capital injection
By Danny Walkinshaw of Insurance Times
Loss of sports and leisure team to a rival last week will not affect profits, chief exec says.
Kerry London is eyeing potential acquisitions after raising cash and renewing its banking facility.
This comes as the broker hit back over staff departures, claiming they would have no impact on the group’s profits.
NMJ acquires Protheroe Insurance
by Gill Montia of Insurance Daily
NMJ Insurance Brokers has acquired Protheroe Insurance, a Derbyshire-based firm set up in the 1930s and operating in Belper since 1968. The company has been acquired from owner, Brian Milward, who is retiring from the business. All other staff are being retained.
Bridle acquires Abbot Insurance
by Richard Kilner of Insurance Times
Bridle Insurance has announced that it has acquired Leicestershire-based Abbot Insurance, a specialist in niche personal lines, beating off stiff competition to acquire the firm. The deal, worth a six figure sum, will substantially bolster Bridle’s personal lines division client base.
Canopius acquires KGM Underwriting Agencies
by Gill Montia of Insurance Daily
Canopius Group has completed its acquisition of KGM Underwriting Agencies, which manages one of only two Lloyd’s syndicates dedicated to writing motor business. Syndicate 260 will write approximately £50 million of premiums for the 2010 year of account and the transaction gives Canopius approximately 60% of capacity.
Bridle embarks upon Welsh expansion
by Richard Kilner of Insurance Daily
Story link: Bridle embarks upon Welsh expansion
Welsh broker Associated Householders Services Limited (aka AHS Insurance) has been acquired by Bridle Insurance.
Bluefin acquires St Albans broker
by Gill Montia of Insurance Daily
Bluefin is acquiring Gilbert Business Insurance Brokers (GBIB). The St Albans-based intermediary has been a member of Bluefin’s network since 2008 and places £2.5 million in premiums annually. The firm will eventually relocate to Bluefin’s Milton Keynes office, with integration taking place over the next twelve months.
By Danny Walkinshaw of Insurance Times
Loss of sports and leisure team to a rival last week will not affect profits, chief exec says.
Kerry London is eyeing potential acquisitions after raising cash and renewing its banking facility.
This comes as the broker hit back over staff departures, claiming they would have no impact on the group’s profits.
NMJ acquires Protheroe Insurance
by Gill Montia of Insurance Daily
NMJ Insurance Brokers has acquired Protheroe Insurance, a Derbyshire-based firm set up in the 1930s and operating in Belper since 1968. The company has been acquired from owner, Brian Milward, who is retiring from the business. All other staff are being retained.
Bridle acquires Abbot Insurance
by Richard Kilner of Insurance Times
Bridle Insurance has announced that it has acquired Leicestershire-based Abbot Insurance, a specialist in niche personal lines, beating off stiff competition to acquire the firm. The deal, worth a six figure sum, will substantially bolster Bridle’s personal lines division client base.
Canopius acquires KGM Underwriting Agencies
by Gill Montia of Insurance Daily
Canopius Group has completed its acquisition of KGM Underwriting Agencies, which manages one of only two Lloyd’s syndicates dedicated to writing motor business. Syndicate 260 will write approximately £50 million of premiums for the 2010 year of account and the transaction gives Canopius approximately 60% of capacity.
Bridle embarks upon Welsh expansion
by Richard Kilner of Insurance Daily
Story link: Bridle embarks upon Welsh expansion
Welsh broker Associated Householders Services Limited (aka AHS Insurance) has been acquired by Bridle Insurance.
Bluefin acquires St Albans broker
by Gill Montia of Insurance Daily
Bluefin is acquiring Gilbert Business Insurance Brokers (GBIB). The St Albans-based intermediary has been a member of Bluefin’s network since 2008 and places £2.5 million in premiums annually. The firm will eventually relocate to Bluefin’s Milton Keynes office, with integration taking place over the next twelve months.
Monday, 19 July 2010
State of the Broking Nation
Insurance Times Broker Forum: State of the Broking Nation, 14 July 2010
From my point of view, it was good to gain an insight into some of the current issues affecting the Insurance Profession at the Insurance Times State of the Broking Nation meeting last week. I took from the meeting the following:
• Clive Nathan dispelled some myths surrounding the Towergate story and approach. Clearly, as an organisation, Towergate is not as successful at delivering these messages as Clive is.
• Both Clive Nathan and Ashwin Mistry focussed on client service levels as being key to success with Ashwin stressing that we should be striving for the “WOW!” factor in managing claims.
• Theo Duchen showed that commission rates in commercial business remain highly competitive and the market isn’t showing signs of hardening yet.
• All were agreed that there should be a renewed focus on ‘growing our own’ talent through better entry level recruitment practices and structured training programmes, with ACII qualification being a minimum standard for Board membership.
• Jeff Herdman’s comment that “..our only differentiators are our people...” is indeed food for thought.
• Martin McLachlan’s amusing delivery clearly demonstrated that embracing technological change early on (ie now) rather than fearing its introduction to the commercial insurance arena is a must and left me wondering whether or not PowerPlace and imarket are the only real games in town.
• Graeme Trubgill’s summary of the situation with regard to the FSA and FSA fees was rather chilling!
• Clear agreement was demonstrated between broker (Richard Gurney), Insurer (David Williams) and Loss Adjuster (Richard Turner) in terms of the need for strong working ties across the Claims arena.
These are interesting themes which emphasise that this is a “people business” where treating everybody in the loop (whether client, underwriter, broker, supplier, third party) fairly, transparently and respectfully should be the starting-point rather than the aspiration. Secondly, we must embrace technological change and lead its development, rather than wait for it to lead us. And finally, regulation is not going to go away whichever way we vote: it is here to stay and we must back our trade bodies in their efforts to educate the regulators and work with them to produce more realistic boundaries, costs and frameworks within which we can thrive.
From my point of view, it was good to gain an insight into some of the current issues affecting the Insurance Profession at the Insurance Times State of the Broking Nation meeting last week. I took from the meeting the following:
• Clive Nathan dispelled some myths surrounding the Towergate story and approach. Clearly, as an organisation, Towergate is not as successful at delivering these messages as Clive is.
• Both Clive Nathan and Ashwin Mistry focussed on client service levels as being key to success with Ashwin stressing that we should be striving for the “WOW!” factor in managing claims.
• Theo Duchen showed that commission rates in commercial business remain highly competitive and the market isn’t showing signs of hardening yet.
• All were agreed that there should be a renewed focus on ‘growing our own’ talent through better entry level recruitment practices and structured training programmes, with ACII qualification being a minimum standard for Board membership.
• Jeff Herdman’s comment that “..our only differentiators are our people...” is indeed food for thought.
• Martin McLachlan’s amusing delivery clearly demonstrated that embracing technological change early on (ie now) rather than fearing its introduction to the commercial insurance arena is a must and left me wondering whether or not PowerPlace and imarket are the only real games in town.
• Graeme Trubgill’s summary of the situation with regard to the FSA and FSA fees was rather chilling!
• Clear agreement was demonstrated between broker (Richard Gurney), Insurer (David Williams) and Loss Adjuster (Richard Turner) in terms of the need for strong working ties across the Claims arena.
These are interesting themes which emphasise that this is a “people business” where treating everybody in the loop (whether client, underwriter, broker, supplier, third party) fairly, transparently and respectfully should be the starting-point rather than the aspiration. Secondly, we must embrace technological change and lead its development, rather than wait for it to lead us. And finally, regulation is not going to go away whichever way we vote: it is here to stay and we must back our trade bodies in their efforts to educate the regulators and work with them to produce more realistic boundaries, costs and frameworks within which we can thrive.
Monday, 12 July 2010
At Business Connect, recenlty we have completed the successful acquisition by one of our clients of a £750,000 GWP general insurance broker; we have initiated discussions between a £550,000 GWP broker and a new specialist network which could result in a 30% rise in commissions; and we have introduced a finance provider to a niche broker seeking investment for mid-term growth. We are also in the process of negotiating a number of specialist team moves within the Lloyd's market.
The insurance market is both complex and diverse and subject to the ever-changing regulatory, political and economic landscapes. Where will the new Government lead brokers in terms of regulation, taxation (particularly in terms of CGT) and economic growth?
With recent M&A activity reported in the press at CCV, Henderson, Oval, Bluefin and Invicta, there is little doubt that 2010 / 2011 will see a renewed wave of merger and consolidation across the industry. Though, perhaps this will be on a smaller scale than seen previously among the ‘bulldozing’ consolidators with groups of smaller brokers joining forces to broaden product ranges and to increase buying power with the carriers.
The insurance market is both complex and diverse and subject to the ever-changing regulatory, political and economic landscapes. Where will the new Government lead brokers in terms of regulation, taxation (particularly in terms of CGT) and economic growth?
With recent M&A activity reported in the press at CCV, Henderson, Oval, Bluefin and Invicta, there is little doubt that 2010 / 2011 will see a renewed wave of merger and consolidation across the industry. Though, perhaps this will be on a smaller scale than seen previously among the ‘bulldozing’ consolidators with groups of smaller brokers joining forces to broaden product ranges and to increase buying power with the carriers.
Friday, 25 June 2010
A round up of recent M&A activity in the General Insurance Industry as reported by Insurance Daily
Henderson Insurance Brokers, the commercial insurance specialist based in Leeds, has acquired local independent financial advisers, Denney O’Hara (Life and Pensions) and Denney O’Hara.
InterResolve has secured a major funding deal with venture capitalist, Balderton Capital. The injury claims specialist says it will use the cash injection to expand its service, which involves the acquisition, processing and settling of personal injury claims directly between claimants and insurance companies.
HCC Global Financial Products (HCC) has launched a new line of business focusing on merger and acquisition transaction risk insurance, namely Warranty & Indemnity, Tax Indemnity, and Contingent Risk Transfer Insurance. The financial lines specialist says it has noted a “significant upturn” in mergers and acquisitions activity in the first quarter of 2010.
Oval has strengthened its presence in the South West with the acquisition of Gloucester-based broker, J L Fisher & Co Ltd.
Bluefin Insurance Services has confirmed ambitious acquisition plans spanning the next three years. The AXA-owned broker already has over 50 branches, having acquired Lakeland Insurance Brokers and Lakeland Insurance Advisers in 2009.
Welsh broker Moorhouse is seeking to augment its organic growth with the acquisition of a broker with gross written premium of up to £5m.
Invicta Insurance Services has acquired four entire portfolios, one from each of the following firms:
London & Southern Securities, a Cranbrook-based business selling a portfolio of high net worth and property owners’ policies.
Rees & Paddock Wood Insurance Services, a Welling-based firm disposing of predominantly property owners’ and small commercial policies.
Investment & Insurance Services, a Northfleet-based broker with the bulk of its portfolio household and property owners’ policies.
Burgess Insurance Services, a Burgess Hill-based firm which has sold its personal lines portfolio.
InterResolve has secured a major funding deal with venture capitalist, Balderton Capital. The injury claims specialist says it will use the cash injection to expand its service, which involves the acquisition, processing and settling of personal injury claims directly between claimants and insurance companies.
HCC Global Financial Products (HCC) has launched a new line of business focusing on merger and acquisition transaction risk insurance, namely Warranty & Indemnity, Tax Indemnity, and Contingent Risk Transfer Insurance. The financial lines specialist says it has noted a “significant upturn” in mergers and acquisitions activity in the first quarter of 2010.
Oval has strengthened its presence in the South West with the acquisition of Gloucester-based broker, J L Fisher & Co Ltd.
Bluefin Insurance Services has confirmed ambitious acquisition plans spanning the next three years. The AXA-owned broker already has over 50 branches, having acquired Lakeland Insurance Brokers and Lakeland Insurance Advisers in 2009.
Welsh broker Moorhouse is seeking to augment its organic growth with the acquisition of a broker with gross written premium of up to £5m.
Invicta Insurance Services has acquired four entire portfolios, one from each of the following firms:
London & Southern Securities, a Cranbrook-based business selling a portfolio of high net worth and property owners’ policies.
Rees & Paddock Wood Insurance Services, a Welling-based firm disposing of predominantly property owners’ and small commercial policies.
Investment & Insurance Services, a Northfleet-based broker with the bulk of its portfolio household and property owners’ policies.
Burgess Insurance Services, a Burgess Hill-based firm which has sold its personal lines portfolio.
Wednesday, 16 June 2010
Capital is targeting a summer of spending
On both sides of the Atlantic, brokers and MGAs have been gathering for their major annual conferences this month and while the talk will be of how to keep market share and grow business there will be a distinct undercurrent.
The market has been tough in recent months. A lack of major losses saw prices under pressure and the insurers both in the UK and US markets looking to attack new niches which have long been the domain of the specialist regional brokers and MGAs.
While the first four months of the year have seen some sizable losses the underwriters have been able to replenish their capital and are hunting for ways in which it can be best deployed.
In the UK regional brokers are seen as attractive investments for some of the leading underwriters and the major intermediary groups and there is clear evidence that there are some sizable war chests already committed to the acquisition of brokers whose management need to be convinced they no longer wish to continue in a challenging market.
There clearly a view that there is value to be had in the UK regional market but the major brokers are also willing and able to acquire businesses as has been witnessed in recent weeks with the acquisition by Marsh of the New England broking firm Bostonian Group.
The same is true of The MGAs while Amlin’s acquisition of Charles Manchester may have slipped under the radar as it was quickly followed by the launch of its European reinsurance operation, the attraction of accessing niche markets in a effective and efficient way is now a increasing for many underwriters who are looking to spread their capacity and with it their exposures.
The coming months will see an renewed push by the underwriters and big brokers to target intermediaries and MGAs and persuade them now is the time to cash in on the years of hard work building the business as the market is in a state of flux.
The after effects of the financial crisis are still being felt in terms of lower business levels and the hefty losses in specialist markets since the start of the year will create a dynamic of disciplined underwriting despite the relative calm of 2009.
The coming months may well be a decisive summer for intermediaries as their resolve is tested time and time again.
The market has been tough in recent months. A lack of major losses saw prices under pressure and the insurers both in the UK and US markets looking to attack new niches which have long been the domain of the specialist regional brokers and MGAs.
While the first four months of the year have seen some sizable losses the underwriters have been able to replenish their capital and are hunting for ways in which it can be best deployed.
In the UK regional brokers are seen as attractive investments for some of the leading underwriters and the major intermediary groups and there is clear evidence that there are some sizable war chests already committed to the acquisition of brokers whose management need to be convinced they no longer wish to continue in a challenging market.
There clearly a view that there is value to be had in the UK regional market but the major brokers are also willing and able to acquire businesses as has been witnessed in recent weeks with the acquisition by Marsh of the New England broking firm Bostonian Group.
The same is true of The MGAs while Amlin’s acquisition of Charles Manchester may have slipped under the radar as it was quickly followed by the launch of its European reinsurance operation, the attraction of accessing niche markets in a effective and efficient way is now a increasing for many underwriters who are looking to spread their capacity and with it their exposures.
The coming months will see an renewed push by the underwriters and big brokers to target intermediaries and MGAs and persuade them now is the time to cash in on the years of hard work building the business as the market is in a state of flux.
The after effects of the financial crisis are still being felt in terms of lower business levels and the hefty losses in specialist markets since the start of the year will create a dynamic of disciplined underwriting despite the relative calm of 2009.
The coming months may well be a decisive summer for intermediaries as their resolve is tested time and time again.
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