A success for the independent

Despite being offered what would have undoubtedly been a substantial sum to sell-out to acquisition hungry brokers, Stuart Randall stuck to his guns and waited for management to find enough funding to buy him out. This is one deal where loyalty triumphed.

Randall will stick around over the next four to five years to help new head Ashwin Mistry settle in and run the company with the help of his lieutenants.

It’s good to see a management buyout (MBO) that maintains the statues of the independent broker. The consolidators have their place in the broking world, but surely it cannot be healthy for competition to have the market dominated by just a few players?

As for Randall, he has a clutch of new business ventures in the pipeline. Although he’s remaining tight-lipped, after 26 years in the insurance industry, it’s likely he has the connections to launch something with a bit of clout.

His reputation in the industry is 'Mr Independent Broker', and he frequently flew the flag for the industry on issues such as mandatory commission disclosure and aggressive sales tactics from the banks. A popular figure in insurance, it will be good to have him around a little longer.

See story: Brokerbility founder Randall steps down following MBO