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THIS YEAR’S LEAGUE TABLE LAID BARE
we’ve witnessed 14 new entrants. deputy editor. David Blackman. it’s been a good year for Lloyd’s brokers and not such a great time for commercial lines specialists. It makes them instant experts. personal lines brokers have continued to defy predictions of their demise – broking traditionalists will be particularly heartened by the Top 50 entry of high-street chain A-Plan. We are assured of the supplement’s popularity in the industry too – it provides a ‘mine is bigger than yours’ pecking order. HSBC’s absorption by Marsh has enabled both Blueﬁn and top 10 newcomer Oval to creep up the table a notch. managing director. Jardine Lloyd Thompson is snapping hard at third-placed Willis’s heels. Over the past ﬁve years. What these newcomers have in common is that they do what they do well. Olly Laughton-Scott. giving them a highlevel view of every signiﬁcant player and an insight into industry trends. Based on this year’s ﬁndings. This year’s table also shows the consolidators continuing to creep up the rankings. some have achieved strong organic growth. Meanwhile. Broking remains a people-based business and the people continue to matter. they do not operate in one particular sector. Recent acquisitions by Aon and Marsh have propelled the two multinationals into a league of their own. So what lessons can be learned from them? Two-thirds have a signiﬁcant acquisition in their history. From Aon to A-Plan. Somewhere in between. Investment bankers and private equity executives are happy to leave our ofﬁces with the most recent Top 50 in their briefcase.50 BROKERS TOP Long live diversity P erhaps this year’s Top 50 will be remembered as the moment when the Big Three ﬁnally became the Big Two. this year’s Top 50 is a reminder of how diverse the UK broking sector remains. IMAS August 2010 7 . Insurance Times Comparing notes E verybody loves league tables. Smaller brokers tell us it is their ambition to break into the Top 50 because it will give them a higher proﬁle.
there are some positives to draw from the year. Achieving growth has called for something extra from commercial brokers over the past 12 months. So far 2010 has seen some recovery in transaction activity. they have had to invest much of their time and resources into preventing incomes from sliding backwards. there’s been a return to business that’s more or less normal. London market brokers have enjoyed a second excellent year of growth. UK regional commercial lines brokers have suffered most. which has had a notable impact on proﬁts. there have been some excellent individual performances where the structure of the business has allowed the drive for growth to ﬂow through to the bottom line. Other moves have been more strategic. During 2009 and the ﬁrst half of 2010. Merger restraint The subdued merger and acquisition climate of 2009 has continued into this year as a result of the tighter ﬁnancial markets. the employees are expensive and in most cases income growth seems to be more for the beneﬁt of employees than driving up shareholder value. Plenty have failed in this task and many others just marked time. The personal lines sector has weathered the tough times well and the slow rise in motor rates this year will continue to help. Some of this has been opportunistic – Marsh’s acquisition of HSBC Insurance Brokers and Fortis’ of Kwik-Fit. While it is not the only factor that has allowed the London market brokers to achieve excellent growth results. although our focus has been on EBITDA excluding interest. Recession and recovery have had a varied impact on the Top 50 brokers.50 BROKERS TOP OUR OBSERVATION last year that a more stable exchange rate would have big beneﬁts for the London market has shown through in this year’s table. though much of this has been down to acquisition. Stock markets have recovered – albeit tentatively and nervously at times – and there are varying opinions on whether or not we are out of recession. it has certainly not hindered them either. As their clients have struggled in the recession and insurance rates remained soft. Interest rates have remained low throughout the period under review. which – given the modest income growth during the period – must indicate good cost 14 August 2010 High points of a low year While many brokers still bear the scars of the recession. IMAS’s Olly Laughton-Scott looks behind the winners and losers from the league table . Nevertheless. Seven of the top 10 positions for best EBITDA margins have been taken up by personal lines brokers. but there is a general consensus that the worst is over. While London brokers achieve high levels of growth and income per employee. such as Cooper Gay’s purchase of Swett & Crawford.
Logic suggests the application of technology is the only way for both the customer and the insurance market to conduct genuine small ticket commercial business economically – though clearly logic can be deﬁed. It is notable for being the second highest-margin broker operating on the high street – a reﬂection of considerable management expertise in cost control. this broker and network provider achieved spectacular annualised growth of 57%. A-Plan has until now kept its performance under wraps. Abbey Protection Growth of almost 19%. If we had seen evidence that this excellent performance had been achieved with good proﬁtability. we focus on organic and sustainable acquisition-led growth. the best EBITDA margin in the Top 50 and a top-three EBITDA per employee make this an excellent all round performance from this company. Yet because the ranking reﬂects overall increases in shareholder value. but this is a material improvement on last year. an increase of 40% when the FTSE 100 index increased by only 18% over the equivalent period. A consistent performer in the margin and employee stakes. TOP PERFORMERS 2010 2009 2008 2007 2006 First RK Harrison Kwik-Fit Aon BGL Jelf Second Abbey Protection Windsor Swinton RK Harrison Towergate* Third Cooper Gay JLT Windsor Towergate AA* Howden (Hyperion Insurance Group) Consistently knocking on the Top 50 door. Gallagher displayed good growth and high productivity by staff – it came second in the top income per employee league. respectable margins and good margin per employee. as is regularly the case in the stock markets.50 BROKERS TOP 2010 WINNERS The personal lines sector has weathered the tough times well and the slow rise in motor rates this year will continue to help control by the managers of these companies. We are unlikely to pick the same company as a winner two years in a row. With an increasing footprint and strong management. High rankings in a number of charts suggest it ﬁts all of our criteria as a winner – but is this performance sustainable? A newcomer from the north. has highlighted the risks involved. the specialist commercial lines SME aggregator site. at 13. it could have reached the podium. What we are looking for is the company that has signiﬁcantly added to shareholder value in the current year. which generated signiﬁcant shareholder value for its originators when ownership changed and is expected to continue doing so for current principal owner Barclays Private Equity. Where a sector has turned in excellent results – London international brokers this year. it stumbled at the growth hurdle. There are examples of progress but. Cooper Gay While slightly behind other London brokers in terms of growth. more often than not. While technology and its potential to open up niche areas continues to develop. business with a good margin. this year it has achieved good growth. The 2009 accounts show this is a growing * Equal second WINNERS AND LOSERS Arthur J Gallagher KEY CRITERIA ■ PEER PERFORMANCE ■ We have kept our key criteria as consistent as possible with previous years but need to recognise the new entrants. we believe this growth will ﬂow though to the bottom line and make it a podium contender in years to come. this broker has achieved 22. IT Olly Laughton-Scott is managing partner of IMAS August 2010 15 PAST SUCCESS ■ MARGIN ■ Sustainable margin is key – recovery to acceptable proﬁt following a poor year. Perhaps the demise of Coverzones. BEST OF THE REST Henderson Berry Palmer & Lyle (BPL) The company is a new entry into the top 50 this year on the back of signiﬁcant growth in income and proﬁts in a specialist sector. However. RK Harrison On the podium twice in the past ﬁve years. is unlikely to win an award.4%. maintained a 19% EBITDA margin – just outside the top 10 performances.3%. . overall margin is still below a podium ﬁnish rate.5% growth on the back of acquisition and organic development. But because this has yet to ﬂow though to the proﬁt line in terms of margin. GROWTH ■ This is a critical factor. The commercial lines sector has remained resistant – though it is not clear whether this is because the approach has not been right or that there is genuine customer resistance to the concept. Cobra AIM-listed and growing. The company is let down somewhat by its EBITDA margin of 12. What counts is individual excellent performance against peers.3%. As expected from a London broker. A-Plan A company long destined for the Top 50. Windsor On the podium the past two years. Cooper Gay achieved 21% and. international political risk and trade credit insurance. in 2009/10 Hyperion’s broking arm has delivered excellent growth of just under 34% and most of this has ﬂowed through to the EBITDA. Windsor just missed out this time. there is a lot of talk and little action. it has not made it onto the podium this year. it is still slow to break out of the mass personal lines market. Such consistent performance over the years and real achievement this year make it a winner. while commendable. more important. Adrian Flux This personal lines broker has kept many of its talents hidden but achieved 35% growth in a sector that overall only achieved 7. for instance – we have to look at the impact of a potential cycle and discount this inﬂuence. The parent company is quoted and has seen it share price move from 58p at the start of 2009 to more than 80p.
9% 2010 2009 0 0 Top 50 ranked companies 16 August 2010 50 0 London International Personal Lines Commercial .7% 20% 15% 13. between 2003 and 2007.4% 9. We’re always interested in what sits within the data and have in the past looked at the individual steps in the consolidation.8% 10% 5% 0. primarily of Fortis and Groupama.50 BROKERS TOP Number crunching Although several predictions from last year’s Top 50 were realised.1bn. Growth has principally come from the London and international brokers through a mixture of acquisition and organic development. the market is still surrounded by uncertainty. Fortis Insurance Solutions and Table 1: Top 50 aggregate income £8bn £7bn £6bn £5bn £4bn £3bn £2bn £1bn 2010 2009 2008 2007 2006 Table 2: Sector growth rate 2009/10 25% 20. This year we have focused on a different hidden fact: that of the unconsolidated insurerowned businesses. For ﬁve years. the most high proﬁle of which has been Marsh acquiring HSBC.8% 7. the aggregate income was stuck around the £4. IMAS’s James Simpson weighs up the implications of this year’s performance rankings FOR THE SECOND year running we have seen consolidation in the market alongside high-ranking new entrants. Aggregate income Consolidation has meant the aggregate income of the Top 50 has continued to climb (see table 1). Fortis now controls or owns £189m of brokerage income through RIAS. Whether this will continue is not certain but if insurance rates start to improve we are sure it will. Acquisitions have led the way on consolidation.1% 16.5bn mark. The entry point for the Top 50 has also risen this year. This year it has increased 12% to £6. ﬁnally breaching the £15m mark.
The signiﬁcant slowdown in UK regional merger and acquisition activity in 2009 and the ﬁrst half of 2010. in 28th position. Honourable mention should also go to Towergate and CCV. but our prediction last year that outsiders would make an appearance was correct. slightly down on last year but still at 39%. down to 7. along with weak Abbey Protection with Towergate in second place. All of them have been in or around the best growth rate table for the past few years. First City Partnership has also disappeared following its acquisition by Arthur J Gallagher in March. Measuring their cost and income generation is like giving your car an MOT that takes into account both its road worthiness and its emission levels.4% from 16. both of which feature in the top 10 by EBITDA per employee (see table 6) – achieving £36. and it takes time for business owners to recognise that the value map has changed EBITDA margin We have focused on EBITDA (see table 4) as it provides a closer measurement of the trading performance of a business without any distortion due to acquisition strategy or funding. compared with three last year. The next closest is Gallagher with £195. Individual growth chart In a tough economic climate and with weak UK insurance rates. With AXA. Clearly. The ‘emission level’ test is whether the business is proﬁtable at employee level. Putting these hidden groups together would further consolidate the Top 50: Fortis would be number nine ahead of Blueﬁn. economic upheaval is good for some businesses. We expect the latter part of 2010 and 2011 to bring a revival in transactions. Most have taken full advantage of this.000 per employee. with RK Harrison close behind. Eight out of the top 15 brokers by margin are personal lines brokers. highmargin company. Henderson Insurance Brokers at 44th and Berry Palmer & Lyle (BPL) at 49th. RIAS and Fortis. demonstrates that sector’s growth has also slowed markedly. Three companies – Oamps. It is an even more remarkable achievement considering A-Plan is a high-street personal lines business. The fastest-growing companies this year (see table 3) are a mixture of those driven by acquisition and those that have achieved organic growth. despite consolidation. A-Plan does not feature in either table – but that’s not surprising given its good ranking by margin. We would like to welcome A-Plan into the Top 50. Group Direct and Hyperion have all achieved 30%plus increases. But this is a slightly skewed view as many of the Top 50 brokers do not have or have not provided enough detail to allow us to analyse the whole table. Newcomer A-Plan is third. allowing another four ﬁrms to gain or regain Top 50 status. With a change of ownership.000 per August 2010 1 7 Newcomers Making forecasts can be hazardous. Employees Employees form the engine room of the industry. together with the raising of hurdles for available ﬁnance. Groupama controls a sizeable brokerage empire through Carole Nash. conﬁrming expectations that the business was a high-quality. and it takes time for businesses owners to recognise that the value map has changed. But it has been the economic turmoil that has created plenty of opportunities for London international brokers to push their expertise and services. Swinton and Endsleigh. is the highest new joiner.2% rise. pushed their growth rate down to 0. Fortis and Carole Nash. Third is specialist international Lloyd’s broker BPL. One company is clearly out in front this year – BPL. Good values can still be realised for businesses with strategic value. the Lark Group. Adrian Flux. there are now ﬁve major insurer-owned broking groups in the upper half of the top 50 – or six if you classify Saga as an insurer. A good number of companies have margins in the high 20s and low to mid 30s but top of the pile is Table 3: Fastest growing companies 600% 500% 400% 300% 200% 100% 0 Fl ux BP L ri so ire Ty s M ar U la g rs H en de ri an H yp H ar er Gr ou yP ro t G op al p ec t Co D er Ao n J Ab be AH br a io n G io n ct n er on sh IB r he ay Ad R Co K . we see that the top 10 list is much more varied by business type than the income list.50 BROKERS TOP the newly acquired Kwik-Fit. which has achieved almost 48% growth by providing risk transfer solutions for clients with credit risks and foreign direct investments in emerging markets. As in the past. respectively. Marsh leads the ﬁeld with its acquisition of HSBC. has meant that other potential newcomers have found it hard to maintain their momentum. The fact that only one of the fastest growing companies this year is a personal lines broker. The heady values of 2007 are well and truly in the past. giving it about £68m of brokerage income. London international brokers only occupy three of the top 10 places. UK commercial brokers as a group have suffered in the economic downturn which. there is good money being made in the sector.000 per employee.9% last year.8% last year to 20. Blueﬁn. RIAS. When using EBITDA to evaluate this test. Its average cost per employee is among the lowest – hence the good margin but relatively high numbers of staff.600 and £36. following its buyout from Marsh. are both centralised businesses. yet one of them is way out in front again – BPL.7% this year.1% last year. Broker Direct and Kerry London – have been squeezed out of the Top 50 by the newcomers. Bollington and the CQ Group. with almost £350. insurance rates. while Groupama would be 20th. Other newcomers are Price Forbes at 33rd. more stable exchange rates have assisted these brokers in managing their business. As Olly Laughton-Scott notes in his article (page 14). MMA and Zurich also owning. Growth Looking at aggregate growth by sector (see table 2) highlights that 2009 and 2010 have been the years of the London international broker – with growth up from 13. But it is the personal lines sector that occupies the highest number of positions. The personal lines brokers that follow it in the margin table. as IMAS has proved with the sale of Fish Administration and Crowe Livestock.8% from 9. it is now ﬁling full accounts and. driven by both acquisition and organic development. beating BPL’s 38. with ﬁve out of the top 10 places headed by Abbey Protection and followed by Budget Group. Gallagher has achieved the best improvement in income per employee. so despite the tough competition of a market characterised by price comparison websites. The heady values of 2007 are well and truly in the past. followed by Cobra. albeit at more manageable values and modest volumes. which has grown its network and underwriting business following its AIM ﬂotation. the highest income per employee (see table 5) – an operation’s “road worthiness” – is achieved by London international brokers. achieving good growth has been a commendable achievement. up 50% on last year.
with a signiﬁcant new investor coming on board in the ﬁrst quarter of 2010. Groupama and AXA? The next question is: where will the new entrants come from? The use of technology and its impact on the broking space has been widely discussed. but the analysis above shows that where it has gained the most perceived penetration – in personal lines – brokers are still growing and generating good proﬁts. Table 4: Top EBITDA margins in 2010 60% 50% 40% 30% 20% 10% 0 h Pr ot Ab ec be tio y n To w er ga te Gi le RI A APl a eN as Fo r rb W in Bu d sle Ca ro l En d Kw AS tis Fo r Ca ro le N as h RI Ba ik Fi t S t ge n tis CC V on BP or ig La ds rk n h V Bu dg et s L Outlook We still believe there will be a continuing evolution of the UK broker space. The impact of all these elements is uncertain and much depends on how a business plans for them and then responds when the actual performance doesn’t match up to budget. someone could secure a special line of credit that allowed them to make a signiﬁcant number of acquisitions while competing with other active acquirers. these business models are still generating the cash – though with its debt mountain. the future is surprisingly uncertain. making a material move through acquisition from outside the Top 50 into the table is less likely to happen.000 at the high-end London brokers. Will another insurer make a move into distribution following Fortis. Overall. we thought a regional consolidator would be acquired. In the event. However. which will incorporate further consolidation and merger and acquisition.50 BROKERS TOP employee respectively. So what’s in store for 2011? There is still a third of 2010 and the ﬁrst quarter of 2011 to go. Towergate needs to: it has £144. it was Jelf that came closest. There’s a wide range of cost per employee across the top 50 – across those that provided sufﬁcient data – from £22. and plenty of opportunity for a big acquisition. And personal lines brokers will be looking at rising rates on the back of claims and rising reported fraud cases. the dollar exchange rate remains stable and insurance rates improve. So can the same happen with UK regional commercial brokers? Will technology gain a foothold and really take off and still provide the brokers who get it right with continued growth prospects? With debt ﬁnance in relatively short supply. Various factors are pulling in several different directions and this affects each sector differently. Last year. such as CCV. IT Table 5: Highest income per employee £350k £300k £250k £200k £150k £100k £50k 0 er s n er S r B BP L n r be M ill e BM so to to M gh Ty s W in d eF or ay la ck N al Lo Cl Pr ic G Table 6: Highest profit per employee £120k £100k £80k £60k £40k £20k 0 L so Ab be BP te r y To w H ar ri so W in d er CC ga 18 August 2010 . London international brokers will be hoping that world trade picks up. UK commercial brokers are highly aligned to the economy and will therefore be eagerly anticipating the economic recovery. Clearly.000 per employee at the low end of the personal lines brokers up to £188.900 of non-current borrowings per employee.
7% 12.6m £85.8% 17.31% n/a 18.3m £14.3m £50.0% 8.3m £84.26% 7.3% 33.9m £16.9% 12.9m £519.7m £75.7m £8.3m £83.83% 11.5m £100.5% n/a 21.3% 1.25% 31.5% 16.1m £18.7m £13m -£927.75% n/a -9.6m -£105.9% 0.7m £6.7m n/a £219m ££203.2m £16.6% -1.7% 16.0% 7.82% 238.8m £100.86% -0.7m n/a n/a -£1.4m £1.4m £65m £62.9% -1.3m £19.8m ££63.1m £47.3m £27.6% -6.6m £98.000 £25.5m -£4.000 £273.8% 13.63m £749.9% Net current assets n/a n/a n/a £79m n/a n/a £60.7m n/a £22.1m n/a £94.3m £3m -£5.6m £82m £62.7m n/a n/a £92.1m £8.4% 15.1% 21.84% 76.9m £20. 4 Arthur J Gallagher (UK) Miller Insurance Jelf Group Endsleigh Insurance Services Hyperion Insurance Group (Howden) 5 CCV 2.9m £40.8% 33.1m £20.1m £140m £107m £102.17% 74.7m £8.8% -0.2m -£4.7% 0.3m £59.2% 30.9m -£1.5m £278.6m -£1.0% 3.4m £71.3m £71m £67.0% -3.25% -10.3% 9.1% 0.4m n/a £2.3m £-£3.3m £20m £32.8m 17.44% -94.2% 12.3m £23.6m £14.9m £57.1% -0.5% 21.1m £45.000 n/a £139.7m £17.11% 9.9m £271.2m £19.000 -£901.2% n/a 39.5m £32.0% 2.000 £167. 4 Lockton 4 Cooper Gay & Co Heath Lambert Kwik-Fit 4 RIAS (Fortis) Capita Insurance Services 4 Giles Insurance Brokers 2.3% n/a £550. 4 RK Harrison Hastings Insurance Services 2.7m -£6.72% 222.3m -£637.7m £59.6% 10.2m £22.8m n/a £418.2m £49.9% 33.8m £66m £47.3% 22.50 BROKERS TOP The figures beh So how do the best in broking account for their performance? Here’s an insight into the numbers behind Investment income net Brokerage change 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 1 2 3 5 4 6 7 8 10 11 12 14 13 15 16 18 17 23 20 22 19 25 21 26 24 Aon 1 Marsh 1.00% -7. 5 Willis 1 JLT Group Saga/AA4 Towergate Partnership Swinton Group 5 BGL Group 4 Blueﬁn 4 Oval 2.0% 2.81% 0.3% 58.95% -141.4% n/a 23.8m £17.000 n/a 33.60% n/a 52.6m £77. 4 Dec ’09 Dec ’09 Dec ’09 Dec ’09 Jan ’10 Dec ’09 Dec ’08 Dec ’09 Dec ’09 May ’09 Apr ’09 Dec ’09 Dec ’08 Dec ’09 Dec ’09 Dec ’09 May ’10 Dec ’08 Apr ’09 Sep ’09 Dec ’09 Sep ’09 Dec ’09 Jun ’09 Jun ’09 £805.0% 3.000 £££2.7m £65.20% 23.3m £80.92% n/a 17.5m £99.5m £8.9% 13.9m £504m £357.8m n/a £140.8m Company name EBITDA growth 2010 ranking 2009 ranking Current year Brokerage 48 August 2010 EBITDA % EBITDA Costs .3m n/a n/a -£94.2% 25.000 £22.7m £65m £55.2% 28.4m n/a £59.6% -2.6% n/a 18.37% n/a 3.7m £30m £6.8% 33.6m £536.
000 £66.6m n/a n/a £389.488 993 1.4m n/a n/a n/a £670.900 Highest director salary Bank and investments EBITDA to goodwill % Average employee cost Number of employees Shareholders’ funds Headcount change Average employee Employee cost cost change Creditors 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 17 18 19 20 21 22 23 24 25 26 August 2010 49 .000 £2.2m £505m £35.9m £16.2m £66m £11.5m n/a £153.6% n/a 29.049 364 448 1.123 1.3m £1.1% 9.1m £15.6% 0.8% 302.1m £89.1% n/a n/a 17.7m n/a n/a £67.000 £29.1% n/a n/a 0.1m £18.3m £22.9% 17.000 £2. in order of brokerage Directors’ emolument change Total directors’ emoluments n/a n/a n/a £511.5m £16.7% -0.3m £1.000 n/a £1.500 £139.8m £12.7m £27.0% 4.200 £133.9m £13.000 £72.7m £20.000 £353.000 n/a £33.700 £84.7% 371.000 n/a £576.3m £2.5% n/a 0.027 n/a 1.0% -1.000 £112.000 £101.000 n/a n/a n/a 5.7% 33.3% 188.040 448 549 460 726 n/a n/a n/a £370.0% 0.5% 0.7% 0.5% Turnover per employee n/a n/a n/a £91.8% n/a 0.9m n/a n/a £3.5% n/a n/a n/a n/a £1.1m £13.4m n/a n/a £433.6% 63.300 £62.3m £104.2m -£10.4m £45.8% 3.8m £157.0% -16.4% -17.0% -15.000 £78.000 £25.1m n/a n/a £41.1m £37.8m £67.900 £79.100 £108.5% n/a n/a n/a 5.98m £135.4m n/a n/a £97.5m £78.800 n/a £93.3% n/a n/a n/a £65.800 n/a £85.5m n/a £64.9% 4.000 n/a n/a n/a £5.1m £65.2% n/a 13.8m n/a n/a n/a 6.000 £195.0% n/a -4.1% n/a 0.6% n/a 0.4% 3.000 £315.000 £27.000 n/a n/a £258.8m £67.7m £86.000 £10.2m £166.6m £26.0% -3.1% -30.000 £22.7m £94.1m £7.2m n/a n/a n/a 240.8m n/a n/a £142.7m £43.5% 931.0% -29.8% n/a n/a 108.5% 14.4m £27.8m £45.2m £256.7% -11.0% 24.0% 0.000 £1m n/a n/a £1.863 2.8% 6.50 BROKERS TOP hind the firms this year’s league table contenders.2% n/a n/a -18.9% 18.665 n/a 3.1m £217.000 £657.000 £26.7% 32.4m £40.1m n/a n/a £409.700 £128.8m £35.2% n/a 16.2% n/a 0.5m £20.100 £58.5m n/a £34.4m n/a n/a n/a £239.000 n/a £40.0% 0.300 n/a £66.6m £34.3% n/a 0.3% n/a n/a n/a 2.0% -3.5m £21.7m £1.4m n/a n/a £817.5m £898.018 n/a 1.5m £59m £97.6m £57.000 £783.000 £33.000 £702.000 £1.0% 1.000 n/a n/a £90.000 n/a n/a n/a 7.6m n/a n/a £264.5m £163.9m n/a £45m £20.000 £41.600 £65.9% -82.7m £67m £31.5% n/a 628.2m £29.8m n/a £34.5m £534.6% n/a 148.0% -11.200 £151.1m £20.000 n/a £74.7% n/a n/a 123.200 n/a £68.2% 20.000 n/a £350.246 747 n/a 1.000 £904.4m £26m £25.845 3.8% 6.000 n/a n/a £687.1% n/a 424.000 n/a £43.900 £137.7m £47.7m £677.
2m £9m £2.000 -£72.04% 266.70% 144.2m £22.6m n/a £7.5m £35.5% 2.3m £35.8m £11.2% 10.3m £38.3% 9.9m £29.2m £45.48% 157.5m £20.07% -11.5m £16.1m £20.000 £(967) £522.89% -36.000 -£265.4m £3.19% -4.6m £4.6% 14.7% 0.9% 31.3m £28.7% -2.7m n/a £17.2% 16.7m £19.37% -19.5m £2.7m £14.2m £30.7% 29.1m £2.1m £8.7% 21.8m £23.3m £37.8% 11.2m £2.2m £233.6m £1.04% 12.7m £33.5m £6.1% 5.6% 8.1m £18.9m £2m £68.9m -94.1m £21.7m £12.4m n/a £2.6m £1.9% 56.2m £16.8% 24.000 £89.09% -11.53% n/a 99.0% 18.7m £44.000 £219.2% Net current assets £6m £4.8% 0.0% 29.000 n/a -£758.000 n/a £916.73% n/a 0.000 n/a £3.9m £46.68% -3.4m n/a £33.00% 109.5% 13.1% 8.5m £24.7m £29.5m £2.000 -£410.9% -2.08% 0.000 £107.1m £29.4% n/a 19.5m £33.9% -2.2% 11.19% 24.3m £5.9m £18.6m £6.4m £4.000 £8m -£2.2% £47.59% 13.8m £16.3m £28.3m £7.7m £13.4m £19m £19m £18.6m £16.9m £4.8% 3.29% -20.000 £86.000 £n/a £28 -£322.2m -£3m n/a £7m £769.7% 32.6% 3.7% 0.54% 46.7m £43.000 £351.000 £867.3m £15m 10.2m £37.8m -£3m £191.6% 7.000 £663.66% 9.22% 20.3% 35.2m £29.2% 12.7% 19.4% 12.5% 7.5% 20.8% 23.7% 10.000 n/a -£113.4m £3.0% 36.2m £12.0% 47.4m £8.000 £14.9m £4.6% n/a 6.6m £16.5m £4.3m £31.8m Company name EBITDA growth 2010 ranking 2009 ranking Current year Brokerage 50 August 2010 EBITDA % EBITDA Costs .000 £4.50 BROKERS TOP Investment income net Brokerage change 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 29 28 n/a 30 27 31 35 n/a 37 36 33 32 34 40 38 41 42 45 n/a 46 n/a 48 44 n/a 47 BMS Associates THB Group A-Plan Group Direct Barbon Insurance RFIB Group Adrian Flux 4 Price Forbes Tyser & Co United Insurance Brokers 4 Besso Holdings Towers Watson Reinsurance Windsor Newman Martin and Buchan Carole Nash 4 Cobra Insurance Lark Group 4 Abbey Protection Henderson 4 AHJ Holdings 4 Oxygen Group CJ Coleman Fortis Insurance Solutions Berry Palmer & Lyle Bollington Dec ’09 Oct ’09 Feb ’09 Dec ’09 Dec ’09 Jun ’09 Sep ’09 Dec ’09 Dec ’09 Dec ’09 Dec ’08 Dec ’08 Sep ’09 May ’09 Dec ’09 Mar ’09 Mar ’10 Dec ’09 Apr ’10 Dec ’09 Dec ’09 Dec ’09 Dec ’08 Mar ’09 Dec ’09 £46.93% -374.000 -£947.1% 50.3m £2.7m £1.2% 11.8m £9.7m £25.6m £34.2m n/a £13.94% -97.9% 22.6m £22.4m £9m £17.9% 10.000 £1.9% 4.4m £44.13% 59.9% 34.
8m £8.9m 1512.1% 14.0% n/a 290.7m £29.4m £969.8% £990.7m £542.8m n/a 10.5% 2542.9% n/a 197.2% 48.900 £147.8% 12.1% n/a 297.000 £27.900 £79.7m £1.6m £1.6m £20.9% n/a 394.000 -14.5m £10.6m £19.300 £119.2m £46.000 £703.6m £18.8% 1.7% n/a n/a n/a 54.7% 442.000 n/a n/a £518.7m £31.1% -7.5% -12.000 £184.800 £347.4% £81.8% £28.000 £107.8m £12m £129m £5.000 £75.5% 288.1% -4.1% -35.200 £166.000 £786.1% n/a n/a n/a n/a 0.3% n/a August 2010 51 .5m £14.1m £40.6m £7m £9.500 £110.7m £17.6% 1.1m n/a n/a £1.0% 4.000 £311.4m n/a n/a £21.000 £798.000 n/a n/a n/a n/a £585.000 £318.0% 35.3% n/a n/a n/a n/a 0.1m £18.6m £44.000 £301.4% -5.5m £7.5m £19.8m £28.4m n/a £1.000 -28.5% -6.2m n/a £2.8m £237.0% 176.2m £40m £7.4% -9.9m £2.1m £11.0% 6.8m £49.2m £118.3m £23.000 n/a n/a n/a n/a £24.0% 111.9% 1.5% £31.800 £141.5% 3.5m £23.000 £540.4% 6.0% 26.6% -0.1% 121.000 £243.1% £93.000 £44.800 £84.1% -37.4% 81.000 £234.6m £21.2% n/a 13.9m £26.000 £360.2m n/a 267 463 693 565 648 n/a 539 191 201 302 262 177 194 180 287 271 261 231 n/a n/a n/a n/a 287 47 n/a £29.5m n/a £9.6% -78.2m £3.1% 1.000 £44.9m £15.8m n/a £50.2% -7.000 £263.000 n/a n/a 4.000 n/a £4.8% 2.000 £253.4% 835.1m £254.3m £798.8m £38.100 £66.1m £628.1m £32.7m £4.000 6.7m n/a £14.000 n/a -2.000 £170.1m £3.0% n/a 1.9% 14.000 £374.000 £387.4% n/a 230.4m £4.1m £13.4m £1.000 £49.9m £52.5m £11.000 £816.5m n/a £14.6% n/a 7.1% 1.9% 4.2% 952.8m £42.2m £24.4% -0.6m £2.300 £83.7% 7.000 £188.9m £15.000 £1.9m £10.2% 1.5% -15.1m n/a n/a n/a n/a £6.5m n/a £18.4% n/a n/a n/a n/a 0.7m n/a £2m £7.3m n/a £5.1% 3.400 £82.900 n/a n/a n/a n/a £57.000 £4.8% n/a Turnover per employee £175.0% 14.4% n/a n/a £110.900 £65.9% 53.9m £13.000 n/a n/a n/a n/a £236.4m £4.2m £20.200 £187.1m £18.8m £33m £8.800 n/a £69.5% -12.000 £1.700 £99.4m £18.7% 16.4m £166.000 -13.50 BROKERS TOP NOTES 1 Figures extracted from US SEC Form 10K for UK business 2 Annualised ﬁgures to reﬂect material acquisitions in current ﬁnancial year 3 Figures extracted from group consolidated accounts 4 Management provided information 5 Estimate based on prior year and acquisitions Directors’ emolument change Total directors’ emoluments £42.5m £9.0% 10.000 £201.000 £71.0% 8.9% 10.3% 13.5m £34m £24.000 £256.8% 2196.9m £14.000 £1.5m £1.4m £18.000 3.900 n/a Highest director salary Bank and investments Number of employee s EBITDA to goodwill % Average employee cost Shareholders’ funds Headcount change Average employee Employee cost cost change Creditors 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 50 £27.1m £8.9m £1.000 £67.6% n/a £111.000 £181.8m £14m £8.4m £9.6m £13.5m £16.500 £79.5m £1.000 £64.
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