This year has been a challenging year for most to say the least. The industry has had to adapt quickly to the changing market. This year we have seen more broker mergers than ever.
2020, the year the world came to a stop, but not when it comes to brokers merging. This year we have seen some of the biggest brokers merge from; Aon and Willis to Tysers and RFIB. With the world still in an uncertain place, we should see even more mergers happen in 2021.
The bigger brokers such as Gallaghers are staying aggressive with their approach to buying smaller brokers. Gallaghers have acquired 262 companies to date, in 2019 they purchased 33 firms and have continued with their approach in 2020. Large brokers are taking advantage of the opportunity to buy smaller brokers, as this helps them scale up and get involved in new markets.
Small brokers are now selling themselves on the services they can provide. Some of the smaller brokers also specialise in more niche areas than the bigger brokers do for example forestry or bloodstock or jewellery’s block, making them an even more attractive purchase for the bigger companies.
Broker technicians are the new must-haves. Most clients I speak to struggle when it comes to recruiting an experienced and capable broker technician. With a lot of broker technician roles being on the market for much longer than other roles, as clients struggle to find the technical skillset they are seeking.
It is crucial for a broker to have good broker technicians in place so your systems and processes can continue to perform in a good time scale, so you can stay competitive in your market. When a broker is going through a merger it is even more important to have the right technical skills in place to make the transition smoother.
I am working with a range of Lloyd’s brokers who are looking to expand their technical teams.
Feel free to get in contact with me on email@example.com or 0203 587 7036. I’m also available for video calls, which seem to be the new norm, if you wish to share thoughts or discuss a move.
By Emma Burden
Follow us for more articles…